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homestead - Re: [Homestead] Take Back the Land

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  • From: Gene GeRue <genegerue AT ruralize.com>
  • To: roxann <roxann AT ancientearthwisdom.com>, homestead AT lists.ibiblio.org
  • Subject: Re: [Homestead] Take Back the Land
  • Date: Wed, 26 Nov 2008 15:40:44 -0700


On Nov 26, 2008, at 3:31 PM, roxann wrote:

I'm not sure how I feel about this. What about the folks who lost the house to begin with? Maybe they should have just stayed if someone else was going to get to stay in it. Somehow it doesn't seem fair, but then again, it's not fair to have a lot of empty houses with a lot of homeless people either. but then again, SOMEONE should be responsible.

First, this is not, nor will be, about fairness.

I predict that holders of mortgage paper will eventually do almost anything to keep mortgagees in their homes. Most people being foreclosed upon would prefer to stay in the home. They chose the home, their children are in the local school, they have done various things to make the house their home. Here in Phoenix, there are huge numbers of foreclosures--thousands, maybe tens of thousands. Lender-owned houses are being sold for prices well below the amount of the loan foreclosed upon. Once the mortgagees move out the house is subject to vandalism, the landscaping dies, roof leaks are not repaired, pools turn green, etc. Nobody wins.

I see no normal market for many years.





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