The Forgotten But Not The Few

The national media is focusing on the following:

• $700 billion dollar bailout

• Shocking stock market losses

• World economies in turmoil

• Unemployment is rising while IRA's & 401K's are sinking

• Fear and anxiety run rampant

• McCain & Obama spending untold millions to get elected

• Paris Hilton is hunting for a new BFFL (Best Friends For Life)

• Hugh Hefner lost one of his girl friends

• Madonna is getting a divorce

And the media loves every minute of it!

Lenders have had to establish "Loss Mitigation Departments" because of the millions of people who can no longer pay their mortgage payments. I'm guessing that the vast majority of them have very good reasons why, such as loss of a job, loss of income, health reasons, their employer went bankrupt, etc.

Being thrown out of your primary residence would be so ugly these folks will likely be emotionally scared for the remainder of their lives.

Lenders are finally beginning to get the picture they can't foreclose on everyone or else they would soon own millions and millions of homes and condominiums. So they setup departments to handle the late payers and possibly work out some sort of arrangement that could possibly keep the homeowner from living in their cars or on the streets.

That is the responsible and compassionate thing to do.

However, not everyone is invited to the party.

Congress, the presidential candidates, and the lenders all seem to have made room for those whose Primary Residence is going to be foreclosed on.

But what about the millions and millions of owners who have mortgages on a second home or an investment property?

The national rhetoric has turned its back on them.

I wonder how many congressmen have vacation homes and or investment property?

What did these people do wrong?

Did they do something illegal, unethical, or immoral?

Actually no, but they are being profiled as a real estate "Flipper!"

During the property value run-up, between 2002-2005, the dastardly flippers were making lots of money and that angered the law makers.

How dare they make money, eh?

Apparently, the law makers need to dust off their books on American capitalism for a refresher review.

Housing is on the law maker's radar screens and help has been forthcoming with more likely to follow.

Yet, no one is talking about the Joe Sixpack's who own a vacation home or are landlords. Their vacation homes and condo rental property values have suffered exactly the same as those who own a primary residence.

Realtors and their local, state, and national organizations should be educating the law makers on this huge group of owners because it is the right thing to do and because it is a huge part of the residential real estate business.