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Was the Real Estate Bubble Doom to Happen?

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With Enron, Tyco, and other companies involved in varies accounting scandals, you would think there would have been provisions in the law to prevent the same catastrophe from happening to other industries, like real estate and insurance.

In real estate, the accounting scandals were created by providing easy credit in an inflated stock and real estate market.  The scandals themselves were not just fudging numbers, it was cutting and pasting income documents, job history was manipulated to show long time on jobs, etc.

As a result, some people where given mortgages for homes,they really could not afford.  All to often, the individuals that were most negatively affected by these practices were minorities.

The real estate bubble has happen and now we are left trying to repair the damage.  There are more foreclosures on the market than ever.  What is worst there is more foreclosures to come.   In a recent report about loan modification, it was found that only fifteen percent of the mortgage companies were participate. 

Still yet, if a person files a Chapter 13 bankruptcy because the loan modification is taking to long, the bankruptcy will end up costing the homeowner more in the long run. 

The bankruptcy creates a larger delinquency for the homeowner.  How you ask?  The first few payments to the bankruptcy court go to attorney, trustee, and court.  Do not get me wrong it has its advantage because it stops the foreclosure; however, if you miss a payment and the bankruptcy is dismiss the home goes back into foreclosure right where it left off.  Another thing is the bankruptcy only pays the arrearage or payment you are behind not your current mortgage payment.

The latter is an issue because most attorneys do not tell you that you have to make the bankruptcy payment and your normal mortgage payment.  If you fall behind on either the home is back into foreclosure.

You may be worrying if there is any protection available.  Yes, there is.  The protection is yourself.  You can protect yourself by reading what you are signing, doing research, and asking questions to get a clear understanding.  Remember, if it sounds too good to be true it probably is.

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About admin

Serena Brown is broker and owner of Taylor-Brown Real Estate. She is the author of this blog. She has also co-authored a book entitled Should I Short Sale My Home. She has authored a e-book How to Sell My Home. She will be authoring a book on real estate investing by April of 2010 and several reports. She has dual degrees in Business Administration and Electronic Engineering Technology. She prides herself on being up to date on all trends, news, and education related to real estate to include short sale, loan modification, etc. She also makes sure her clients are abreast of how these changes will affect them financial. Therefore, stay tuned for great information in 2010.
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11 Responses to Was the Real Estate Bubble Doom to Happen?

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