Black Thursday

Posted June 12th, 2008 by Joe Kaiser

Washington homeowners are counting on you, Rob. Do not let them down. Do not let them needlessly lose their homes.

Dear Rob,

Today, your new foreclosure rescue scam law goes into effect, dooming troubled Washington homeowners to almost certain foreclosure.

Agents won’t list and won’t show their homes, and investors are deciding they can’t help either.

It’s become the proverbial “wouldn’t touch them with a 10-foot pole” scenario, and responsibility rests squarely on your shoulders.

But you already know all of this. Worse, you don’t seem to care.

Apparently, you’d rather see people lose their homes than admit the HB 2791 debacle should be tabled until it can be properly sorted out.

More properties at auction

Here’s part of an email I received today from a foreclosure investing group owner . . .

There is a new law going into effect that will affect the way pre-foreclosures are pursued and will likely drive more properties to auction (bad for homeowners in distress, but good for auction investors).

We are expecting some very large volume auctions for the foreseeable future. If you are on the fence for purchasing properties at auction, now is the time to gear up and get involved!

This is nuts, Rob.

Do the right thing

It’s time you step forward and do whatever it takes to put a hold on this law so owners at risk can save their homes. If not, your office will be responsible for the needless foreclosures that will undoubtedly result.

This law destroys the foreclosure marketplace. Without it, folks facing foreclosure in Washington have no one interested in buying their homes. And with foreclosures approaching all-time highs, it’s the last thing we need to see happening.

Do the right thing, Rob. Forget about the politics, forget about the consequences of admitting your mistake, and just do the right thing and take this damn law out of play.

Washington homeowners are counting on you to protect them, Rob. Do not let them down.

Do not force them to lose their homes simply because you’re too concerned about looking foolish to take the action you know you should to end this madness.

In the arena,

Joe Kaiser

One Response to: “Black Thursday”

  1. Drew Hitt responds:
    Posted: June 12th, 2008 at 3:12 pm

    Rob has effectively eliminated another option for homeowners looking to sell their homes that owe too much money. The short sale. While it’s not always fun to do, it’s because of us investors that homeowners can sell their homes for a discount on the mortgage.

    Now that is eliminated, and banks won’t get relief. I certainly hope it doesn’t turn into those situations where banks won’t take back title to the property after auction because they don’t want to get hit by the city for weeds and a vacant property.

    You’ve certainly put a stranglehold on homeowners in default, it’s bad enough they are behind on payments and their credit is hurt, now you are effectively forcing a foreclosure on their credit.

    I hope those owners don’t lawyer up, and file a class action lawsuit for hurting their credit, when investors were the answer all along…

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