It Sucks To Be Right

Have you ever noticed that sometimes it sucks to be right? In my last post about hunker downers I was concerned that I would be, but I didn't expect confirmation so quickly. The day after that posting, I was informed my father was losing his home and would be moving into my brother's house. The next day I learnt that my brothers in laws were losing their home and would also be moving in with them. The day after, another friend tells me how he was helping his dad move as he too lost his home. Seriously, you can't be serious! Thus I say again, it sucks to be right.


I'm the type of person who loves a good debate, and winning always adds to the fun, but here I must declare a no-joy win. This bothers me on a lot of levels as it goes against my loving to win mindset, but it is what it is. I'm wondering when lenders will start to see that the foreclosure over loan modification war is one they are losing? Each of these parties had stellar credit scores in the 750 or higher range, but the lenders could not see fit to look for alternatives such as loan modification to help these responsible people keep their homes. It's worse still that they will each likely take a 75-150 point hit on their credit scores, which will make getting into a new home that much harder, and the lenders will have to report growth in bad assets. I don't get it!

I don't get it as in each case this was a lose-lose outcome for all parties involved. Each of these individuals has had exemplary credit their entire lives, and due to circumstances beyond their control, now has only average credit. Each party took great pride in their homes and will see them go to the highest bidder in auction, with the lender getting 50% of the home's value from the auction proceeds resulting in lost revenue. Wouldn't it have just been easier and more economical to work with these people who've been great customers for years and come to new terms both sides could live with? Wouldn't it be better for the economy for three parties to keep their homes to inspire hope of economic recovery? Wouldn't it have been better for the lenders to build customer satisfaction and lower their volume of bad assets?

Honestly, I just don't get it. But then you never know, I may be next.

-Seriously