Frank Louis
If you made a down payment for more than the current value: keep the property, its yours!
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By Frank Louis
October 14, 2010

That is right, it is fully paid for. Tell your bank; tell your politicians, you have fully paid for it already; mail you the free and clear title! That is what I think and I'm stickin' to it.

If you did not put money down, then you have not paid therefore have not actually lost have you? In fact, you probably helped cause this real estate crisis right along with the other culprits we hear about every week, every day, every minute for that matter. You surely did not loose any of the hard work and life savings others lost, and you surely misunderstood the process of acquiring the "American Dream." You also helped ruin it for everyone else. Thanks! However, a side of me has even softened toward you folks as well. Face it, tens of thousands of properties stand vacant at this moment, values going down and down. So, even Frank Louis will suggest that, if you can afford to keep the property at its current value, why not? Really. Just give the people who put money down their money back and call it even.

You cannot change channels on the radio or TV, pick up a paper or magazine (including Rolling Stone it seems) and not read or hear about the housing crisis and people who "overbought." But still, NOBODY is mentioning the people who invested hundreds of thousands of dollars in their real estate investments in the form of a 20-30% down payment. Money they worked for, often for decades. And now, those down payments are, in many instances well more than the values these properties are bringing when they go into the foreclosure court or short sale process. Folks, you are being robbed of your down payments and should be given that money back. Now. In fact you should keep the property and be sent the difference between the money you put down and the current value of the property. We all know folks who bought property that was "valued" at $400,000 in 2005 and is now worth less than $50,000. They put $100,000 down. What about them? Will somebody tell me? What about these deceived and defrauded Americans?

No, we hear about mortgage foreclosure mills, MERS (something we were reporting on several weeks ago before anyone else was talking about this) and the fraud being committed in foreclosures. We hear about the fraud in the original sales of properties; straw buyers and bad mortgages that brought the real estate market down. But we do not hear about people who invested their hard earned money in real estate based on their trust in the fiduciary "responsibility" they were told the realtors and mortgage brokers who represented them in the real estate purchase process had to them. These "professionals" obviously did not have any fiduciary responsibility toward their clients however did they? No they did not! Why are there no suits for these people?

This morning, on Fox News, The Ohio Attorney General Richard Cordray was interviewed regarding the "foreclosure fraud" that has recently surfaced. He mentioned banks and mortgage companies paying $25,000 fines per instance. Paying it to whom? What, to more real estate lawyers? Pay the fines to the government? Give the money to Fannie Mae? There is surely no plan to pay it to the people who put money down I can tell you that. Not one mention of them.

Ever feel invisible? You are. Think about it, this is just another procedure that will further bring real estate values down, steal more of American's assets, drive down the values of our estates and kill our ability to leave anything to our future generations. Wow, welcome to the socialistic future of America. It is happening in our lifetime and we seem to have voices that are still somehow unheard. Don't forget, only 53% of Americans still pay taxes. It will not take much more to see that ratio change. We will no longer have our homes, we can all live in government housing, and ride the free shuttle to vote after having our voter-registration materials hand delivered to us at the free lunch we will receive while we listen to someone from a government funded agency tell us about new programs for us that we will be voting for. Please tell me I am wrong, please tell me.

But NOBODY is mentioning, much less looking out for people who saved for decades and were played for fools in this housing market. Only this column and the Frank Louis Radio Show covers this sad truth. But Frank will not give up the fight.

In the time since we began broadcasting and writing on this topic, many folks have sent us emails telling us that they have experienced the losses we cover every week in the media. We appreciate these unsolicited emails and have begun to wonder just how many we would receive if we asked people to contact us regarding this issue. We are about ready to begin this next level of our investigation! So if you are someone who "committed the crime of buying property in the 2004-2006 era, made down payments, paid your mortgages and are now in the hole with your property," we want to know about it. Even if nobody else cares about this fact, we do.

We are scolded by professionals in the mortgage banking industry regarding our moral obligation to bite this bullet and pay our "legal obligations" on our valueless property. However, it seems that only the Daily Show and Rolling Stone care to report that the MBA opted for a strategic mortgage default on their own office building. Is there a double standard here or what? Read more on this next time.

We are looking forward to hearing from you.

© Frank Louis

 

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Frank Louis

Frank Louis is a print and on-air commentator who offers opinions and solutions on and for the economy, social issues, and the future of this nation. In the Old Testament, Nehemiah 4: 14 instructs us to fight for our houses; something we need to be doing now. Our future generations depend on it!... (more)

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