It seems that the number of FORECLOSURES is
going down. But will it stay that way?
I guess we all know the old saying: “History
repeats itself!” To me that means that we should know our
history to avoid the mistakes we made in the past.
But does that mean that the banks and
mortgage lenders have learned from their mistakes and changed
their lending policies?
Obviously not – since we see the same
advertising again that led to the foreclosure disaster from
about ten (10) years ago. Haven’t they learned anything? Here we
go again: Little or no down payments for people with good credit
scores. The credit scores are actually a joke: Remember: The
more debts you have, the higher your credit score!
No debts, real bad credit score! Makes
sense? Not to me!
European banks don’t use credit scores --
they think it makes no sense loaning money to somebody who
already owes a lot of money. And as you might remember: There
was no foreclosure crisis in Europe.
Here in Florida families lost their homes
because they were unable to pay the seriously increased
maintenance fees and special assessments caused by owners un
foreclosure who didn’t pay their maintenance dues – causing
serious budget shortfalls and many unpaid bills.
Do we want this to happen again? If another
foreclosure crisis would hit us it would mean that we haven’t
learned a bit from history – and we – especially the greedy
bankers – made sure that history repeated itself.
In my opinion we are only seeing the
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