I received the following email from my friend Frank Patrick regarding the previous post on my blog. You might want to read this post before going further here. Here is the email I received from Frank:

I visited the blog and read your post.  It’s amazing to me that someone thinks that I am “taking advantage” of people who lost their homes to foreclosure.  As you know, I am a realtor, and I list and sell foreclosed properties.  I don’t believe that I am “taking advantage” of anyone.  I didn’t sell them the home, loan them the money or advise them to stop making their mortgage payments.  I had nothing to do with the foreclosure process.  I am only the real estate broker that sells the property after the foreclosure.  My job is to clean up the mess that is left behind.  In fact I believe that every bank owned property that I sell helps many people.  The buyer that purchases the bank owned home often saves thousands of dollars and therefore increases their net worth.  The neighbors are relieved to have one less foreclosure next door, inviting criminal activity and negatively affecting the value of their homes.  The corporate seller has freed up their capital investment and can now securitize as many as five new mortgages.  Five individuals can now get a mortgage to purchase a home to live in or as a rental property to provide housing for someone who cannot qualify for a mortgage.  Five sellers now have a buyer for their property and five listing agents, five buyer’s agents and five mortgage brokers all get commission checks. I didn’t even mention the home inspectors, title companies, escrow attorneys, moving companies etc…..

By the way, according to a recent study completed by HUD and the FHA, 40% of all homeowners in default on their mortgages refused to communicate with their lender who was desperately trying to reach out to them to attempt to help them keep their home.  Unbelievable!  You don’t make your house payment, your lender calls and writes to you offering to help you by restructuring your loan and you won’t even return the call!  One of my clients, a large subprime lender even started its own FREE in house job placement agency to help borrowers who have lost their jobs find a new one!

Frank Patrick

REO Broker


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