The Mortgage Bankers Short Sold Their Own “House” Those that live in glass houses should not throw stones.

Posted on January 9th, 2011 in All Articles.

CHICAGO IL. “Short Sale Super Man” Phil Buoscio.

Why didn’t they call me. I could have helped negotiate this short sale. It turns out that the “talking heads” on CNN from banks who try to make homeowners think that short selling is a “immoral” and/or “unethical” decision made such a decision themselves.

See the issues here is — a short sale IS the “responsible thing to do” in many circumstances… and the ETHICAL and MORAL thing to do on my compass. Family comes first. Food on table, etc. health care, etc. And when you have banker’s trying to spew their propoganda online to use “guilt” that short sales are somehow “wrong” … it’s just that.. propoganda.

A decision due to hardship to short sell… is a BUSINESS decision. A family is a economic unit… and if they owe $529,000 on a $350,000 property and their “return to equity date ” is 2019 at the earlies and they are paying a 7% interest rate on a arm that is going to reset in 3 years. Bank wont modify. Job loss happens. What do you do? You take care of your family is what you do. You make a decision as a economic unit to make a BUSINESS decision.

Well here is an example of a “business decision” which appears to be a short sale being made by the Association the represents Bankers :

Like millions of American households, the Mortgage Bankers Association found itself stuck with real estate whose market value has plunged far below the amount it owed its lenders. But the trade group for mortgage lenders is refusing to say exactly how it extracted itself from that predicament.  CoStar Group Inc., a provider of commercial real estate data, announced that it had agreed to buy the MBA’s 10-story headquarters building in Washington, D.C., for $41.3 million. The price is far below the $79 million the trade group says it paid for the glass-walled building in 2007, while it was still under construction. The price also is far below the $75 million financing that the MBA received from a group of banks led by PNC Financial Services Group Inc. to finance the purchase.

John Courson, chief executive officer of the trade group, declined in an interview Saturday to say whether the MBA would pay off the full loan amount. “We’re not going to discuss the financing,” he said.

In other words… they don’t want to look like they are a pot calling the kettle black.Oh.. any by the way.. what exactly is the “hardship” of the mortgage bankers’ association? If they didn’t have on that’s a “STRATEGIC DEFAULT” and.. that’s Immoral and Unethical. If they have the money they should have stayed in the building. That’s what they tell others…

When there is a legitimate hardship… Short selling is a reality that we all must deal with–a win win workout must be worked out in this economic system we are in — with the current situation.

If you know anyone in a hardship that can’t make payments, is struggling, upside down… please have them call me.

“Short Sale Super Man” Freeing you from foreclosure and creating win win for all.
Thanks for reading this, Phil Buoscio.

Phil is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc..
Phone: (312) 953-6725.
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Phil Buoscio specializes in loan modifications and short sales in Chicago Illinois. Chicago Loan Modification Help. Chicago Short Sales. Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor.
Phil Buoscio, is a broker with Better Living Realty he leads the sales team “Phil Buoscio Team” and specializes in short sales in Chicago Illinois. Chicago Loan Modification Help can be referred to you. We don’t do loan modifications ourselves but we work with those who do.
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