Here in America we rely on a strong financial system (ie banks) to provide us all with capital to purchase the things that run our economy. Everyday it seems that we find out that the very people and institutions we all trust with our money fail to be trustworthy. Quite possibly that is because they have a monopoly on the business and there seems to be no alternative. We give them our money for next to nothing and in return we ask them to use it and keep it safe so that when we want it back it is there. They turn around and give the money to people with poor credit at very high rates and have no recourse if the people choose not to pay it back. They have no safe guards in place and will borrow money on a credit card easier then giving a secured loan with real property as collateral. Does anybody else see a problem with this? They are saying that we would rather borrow money without collateral vs having a house or real estate to back the loan. That means the house you live in is worth less than the piece of plastic in your wallet the banks hand out like candy.
Yet without any hesitation when I go out and talk with people the banks are looking to either foreclose on or if possible they will talk them into modifying their loan to delay the foreclosure. The people will say to me I need to talk to my bank. These are the people you trusted when they gave you the mortgage that is messing up your life and you are going to trust them to look out for your best interests. I think that they need to understand the bank is looking out for the bank and they don't care who they wreck in the process.
Real Estate agents come in many different packages but if you check them out there are lots of them that can help you out of what the banks got you into.The Realtor is legally bound to look out for the best interests of their clients. This is not the case for the banks. Until the government for the people by the people starts putting programs together that have the people in mind and not the banks and business we will continue down this path of distrust and lower home values.
If this means we need to open a new kind of bank or reconfigure our financial system better to get started today then wait until we all have homes worth nothing and the American dollar is not worth the paper it is printed on. We already have that problem with some of our coins.
If you believe that our government is getting it right then today is a great time to purchase a home. If you need to sell your home because you owe more than it is worth call a realtor. They will advise you on the proper ways to be released from your home.
If you feel the banks are your best friend good luck with that and god be with you.
We at the Burkhardt Team would be happy to discuss these topics and more with anybody that is interested and will continue to get you current information and ideas. Please forgive us for any inaccuracy's and feel free to give us topics you would like us to blog on.
