Congress is working on a Foreclosure Prevention Act that will allegedly help distressed homeowners avoid foreclosure through “voluntary”
In reality, most mortgage lenders fail or refuse to help homeowners faced with foreclosure and politicians posture with empty political promises and legislation that gives false hope to consumers and homeowners.
Asante Real Estate Group works with many short sale clients, bank-owned homes and lenders. For example, Asante Real Estate Group has been trying to convince American Home Mortgage Servicing Corporation to accept fair market offers on two owner-occupied homes selling for $449,000 in San Jose, California and $3.9M in Los Gatos, California. American Home Mortgage Servicing Corporation has refused both of these bona-fide offers and these homes are now hurtling toward an unnecessary foreclosure.
Elected officials, like Senator Dianne Feinstein, claim that they want to help homeowners facing foreclosure. However, both of these homeowners went to Senator Feinstein’s San Francisco office and requested her help only to be dismissed by her staff and referred to HUD counselors. Senator Feinstein’s staff refused to help convince American Home Mortgage Servicing Corporation to reconsider the short sale offers for the above-described homes. In the end, these constituents were told to leave and they were physically shown the door by Senator Feinstein’s security guard.
I am constantly dismayed that mortgage lenders, such as American Home Mortgage Servicing Corporation, consistently fail to work in good faith with distressed homeowners and fail to respond in a timely manner to time-sensitive offers. These lenders procrastinate and stonewall homeowners for months and end up forcing thousands of homes into foreclosure when those homes could have been saved through refinancing or short sales at fair market values.
It is even more disturbing that an elected representative, such as Senator Feinstein, also refuses to help the distressed homeowners. Senator Feinstein is quick to claim credit for “helping” distressed homeowners – but when her constituents actually need her help, she kicks them out of her office.
In the near future, a majority of these lenders, such as American Home Mortgage Servicing Corporation, are going to petition our Congress for a record bailout of hundreds of billions of dollars, and Senator Feinstein and legislators like her are going to reward these lenders for failing or refusing to solve their own problems by working in good faith with distressed homeowners.
Ironically, Senator Feinstein has been quoted saying, “We need to clean up the industry to protect home buyers."
Well, talk is cheap.
Carey Sutton, CEO
Asante Real Estate Group, Inc.
carey@asanterealestate.com
Rio Nagar
Public Relations
333 Los Gatos Saratoga Road
Los Gatos, CA 95030
(408) 354-6030
rio@asanterealestate.com
http://www.asanterealestate.com
