Impossible process due to overwhelming volume and...

Posted by Elisa on October 30, 2008 at 12:18:33:

The way I see it is that the Banks have made business arrangments to handle their volume of REO properties and also, the Loan Modification process. The upper management of the Banks have chosen to retain the decision making process, selling process, etc., with a VERY few entities, who are SHEERLY inundated in volume and can NOT process the volume (79,530 in Los Angeles County, 41,189 in San Bernardino County-2 counties alone in California). These relationships need to stop and instead, the Banks should be REQUIRED to process thru local services in the community the property is located. #1-The volume will be handled quickly by an adequate number of professionls dedicated to the success of the process, Loan Modifications will be easier to accomplish because of the sheer fact the Borrower can talk to a person involved in their case (and not 1 of 500 cases, but maybe 1 of 50?) in which guidelines can be followed and decisions made quickly, within one week after application, versus months or never, and #2-by expediting the sale process using a local team of professionls quickly and efficiently, the Bank's return will be maximized by getting the job done in 3 weeks instead of 3-8 months, eliminating extensive costs due to vandalism, repairs, maintenance that occur when a property remains vacant for a long period of time, and #3 - the prices can find a stablization because the turn over of the inventory versus the current glut of inventory, #4-the community and neighbors would benefit by the quick handling of the asset by retaining owners in their homes, or moving new owners in quickly,properties will not deteriorate and affect surrounding properties and owners, and #4-confidence would return in socity that there IS a fix, local economies will develop and grow, #5-the Banks would receive their liquidity from the non-performing asset, INSTEAD of cash infusion by the government, which will be spent quickly if the non-performing asset process isn't addressed NOW and QUICKLY to turn that dead asset into either income production or cash...THE CURRENT PROCESS NOW IS MAKING VERY FEW COMPANIES AND VERY FEW INDIVIDUALS VERY WEALTHY, ALL THE WHILE, OUR FRIENDS AND FAMILY MEMBERS AFFECTED ARE LOSING THEIR HOMES BECAUSE THERE IS TRULY , NO ONE TO HELP THEM FROM THE BANK OR THEIR SERVICE PROVIDERS, AND THE COMMUNITIES AND NATION SUFFER BECAUSE OF INSTABILITY - IT'S TIME TO SPREAD THE WORK AROUND TO THE MASSES THAT ARE AVAILABLE TO HANDLE THIS PROBLEM, AND QUICKLY RESOLVE THE GLUT AND STAGNATION, THAT HAS ONLY BEEN CAUSED BY LACK OF MANPOWER - IT TAKES A VILLAGE TO SOLVE THIS CRISIS, AND RIGHT NOW, ONLY THE CHIEFS ARE MAKING THE DECISIONS AND THE PROFIT DERIVED FROM THIS HORRENDOUS CRISIS.

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