Category View (Foreclosure)

I grew up watching Ed McMahon on the Johnny Carson show and I watched him every night while I was at Wharton. I always thought he was terrific and that he brought a warm and very memorable quality to the Tonight Show.  When I heard what was happening to him and his house, I couldn’t believe it because I didn’t want to believe it. That shouldn’t be happening to him--but it was--so my first instinct was just to help him out. My primary motivation in this situation is not a real estate deal--it’s a way to help a great American icon and a more...

A recent speech by Fed. Chairman Ben Bernanke directed bankers to be proactive in their search for solutions to help consumers save their homes from foreclosure...even if it means a reduction of principal and taking a loss. While we all agree that something has to be done to slow the sharply increasing starts of foreclosures in America, asking banks to foot the entire bill doesn’t seem like a feasible solution in and of itself.  Reduction of “principal” for homeowners so they may sell their homes at a lower price than what they owe is precisely what will cause home prices to continue to more...

In today’s volatile home market, so many people are in serious trouble with their mortgages. They have problems because they made a bad deal or their interest rates are too high or they just don’t have the funds to pay.  I have some answers. I give lots of speeches on this and the speech today is: Don’t leave your house. Work with your bank. If you have to, fight the bank. Figure out a way to make a deal. The banks don’t profit from foreclosure. They would rather have you physically in your house paying them some money. So, if you’re in default, call more...