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Shirley Cicero

Foreclosure Foreclosure Foreclosure

Ok, so Colorado is number 1 in foreclosures. How sad. The American Dream turns into the American Nightmare! How could this happen I ask...I just moved to Colorado from Florida, and I got my real estate license here. Most of the talk I hear is foreclosures and bankowned...It pains me to think of people having to pack up and leave a home they probably loved and couldn't wait to close on. Again I ask...How did it happen? The answer I get...mortgage brokers, and builders were putting people in homes that shouldn't have been able to get in a home at all. People were told they could afford a "more expensive" home using some "creative" financing. Still I ask...how did that happen? I'm told...the mortgage process wasn't regulated. My favorite saying *** I don't understand*** Were we closing for the deal? What happened to customers for life? What happened to educating the consumer? Was the deal really worth it? I know some will read this and think ... The buyers should've known better. I don't believe that for an instant. We are in this business everyday, so it seems like 2nd nature to us. It is our responsibility to educate our consumer and protect them from themselves or the predators out there . I've had many deals I've walked away from because it was better for my client NOT to buy...at least not then.

Can these people refinance? Maybe...but now I'm told if they do the interest makes their payments so high they can't afford the mortgage. Again...how sad. I pray that they can pick themselves up, dust themselves off, and start all over again and not give up on the dream of home ownership again when the time is right.

How do we help the others around these foreclosures and bankowned properties? Aren't they going to hurt the values in neighborhoods? Do we go to the neighbors and explain the situation, ask for their help in finding a buyer to help keep the values in the neighborhood? After speaking with some of my neighbors, they want these homes to sell for the higher $$ so they keep the value in their home.

You and I didn't make this mess, but we need help as we can. Let's educate our buyers. Let's not put anyone in a home till they are ready, and let's get the most we can for these properties to help the neighbors and the economy.

Maybe someday I will understand...but till then...."I don't understand"