LENDERS MAY GO AFTER THE MONEY THROUGH COLLECTION AGENCIES, BUT IT WILL BE MORE THAN THE FORMER HOME OWNER THAT SUFFERS.

Sad, sad state for the American conusmer. Yes it is. Read the post and see if you agree.

ANOTHER NAIL IN THE FINANCIAL COFFIN OF THE AMERICAN HOME OWNER.

"LENDERS UPLOAD MORTGAGES TO COLLECTION AGENCIES"

Read this post by Dominick Pallini for the details. 

This should, but probably will not, increase the number of bankruptcy filings.  However, the American home owner will suffer in silence, struggle to keep their life together and pay on these debts for years and years.

During the coming years, while their credit is destroyed, the money paid to collection agencies who have purchased the accounts from the mortgage companies that approved the short sale or the foreclosing bankin recourse states, money that would normally be devoted to goods and services such as the below and more will be used to pay the deficiency claims or judgments to relentless COLLECTION AGENCIES.

  • Transportation AlternativesShopper
  • Automobiles and Auto maintenance
  • Grocery Options such as fresh fruit and vegetables
  • Toys and Games for children
  • Medical and Dental services
  • Electronics
  • Computers
  • Furniture
  • Business Equipment
  • Appliances
  • Financial Services
  • and finally, Real Estate Services

WHAT WILL BE THE RAMIFICATIONS TO THE NATIONAL ECONOMY?  For folks expecting a rebound in the housing industry, the mortgage industry, and the national economy on the whole, YOU'LL BE VERY DISAPPOINTED. 

WHERE IS THE CONSUMER??  With this percentage of the American Consumer out of the market place, recovery will be slower than anticipated and surely slower than the predictions of the U.S. Congress, the Federal Reserve, Treasury, Fannie and Freddie, the WH and the National Association of Realtors. 

This is simply another assault on the American citizens who have been fed crumbs of assistance and promises of programs that limit the help to targeted to a few who are often merely set up for repeated failure, while the government has handed $TRILLIONS to Wall Street, Commercial Banks and some Main Street Banks.   

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988.

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Comment balloon 1 commentBobbie Smith • April 23 2010 06:34AM

Comments

Thanks for sharing. Those that default on their obligations should expect collection efforts that may be troublesome.

 Spring in Maryland and a wonderful time for home buyers.

Posted by Roy Kelley, Roy and Dolores Kelley Photographs (Realty Group Referrals) over 8 years ago

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