Working with REO’s, we always find the initial identification of a bank owned property with the former owner or tenants residing there a particularly hard event. Delivery of the bad news that the property is now firmly in the possession of the bank, having completed the foreclosure process, never comes easy. Resignation is common with the former owner but surprise and anger are more common emotions with tenants. Our legal system has enacted protective laws establishing firm guidelines with respect to “tenant rights in foreclosures” but contrary to popular belief, banks have a heart too. During this holiday season and beyond with the winter period you will find banks more tolerant and sympathetic.

The place we really want the banks to have a heart is in lending money. I mean, forgive us for being simplistic but isn’t this their primary intent anyhow? So we ask the question: “banks, why aren’t you lending money?” There are many fair, logical and reasonable commercial projects gathering dust pleading for funding. Similarly there are would-be homeowners that struggle to qualify for basic and fundamental mortgage money. This is clearly the pendulum swinging too far--how long can we wait for that same pendulum to begin its swing back? In our estimation, this now remains the sole problem to moving swiftly toward a full real estate market recovery.

If the banks and lending institutions would begin lending money again--that means looking at practical solutions to the strict black and white interpretation of rules for the sake of rules--we will all be better served. Without too much research one can see clearly that there are a substantial number of employment fields that are intertwined with the real estate market. Lend money--you will not only solve the stagnation of the real estate market but you will also effectively put many people back to work.

Banks, have a heart, lend your money again!

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