Not only did the government bailout some larger banks by simply handing over millions of dollars and then not even making the banks accountable for it (since a percentage of it went for executive bonuses), but now more and more keeps coming out about the mess these banks have caused. And continue to cause:
However, those in the real estate community can't afford to sit back and wait and wait and wait to see if these banks, such as Bank of America, ever decide to get their act together.
Agents, mortgage brokers, and others who have regular contact with clients, should be alerting their current and potential clients about what can be done to keep on top of a home owner and potential home buyer's current mortgage situation.
If it were me, I would want my clients to know that I would help them to be certain that nothing like what is happening to the people profiled in the above linked article could happen to them. Then, I would make potential clients aware that I would be on the lookout for them.
Consumers need to start seeing that those within the industry are making an effort to improve current conditions regarding financing. Yet, a percentage of realty agents seem to forget about keeping in touch with past clients on matters such as this.
Paint the picture, if you are a realty agent. Suppose you do some digging, and find out a home owner is in trouble over an expired mortgage (such as happened in the article), and you alert your client and help him/her/them straighten the mess out. Can you imagine the referrals you would gain from that? Rather than imagine, start checking around.
Everyone needs to evaluate what bank or banks they do business with, mortgage or not. If the likes of Bank of America and Wells Fargo are struggling with 6 figure transactions, how much attention are they paying to your $5,000 checking account?
Reconstructing the Stockholm Exhibition 1930
14 hours ago