Barton Hyde

Being a 30 year real estate broker in what is now the worst area for foreclosures "Las Vegas" it's amazing how short sighted our leaders are! What they should have done (and still could) is this, before committing all of our money (yes and our children's) try this for a simple concept. Owner "A" owes $400,000 (home now worth $250,000) can't make the payments (do to escalation of interest) Lender "B" has three choices, allow short sale (loose $150,000) foreclose (loose $150,000 or more) or my way! My way redo the trust deed (parties to agree) allow Owner "A" to pay on $250,000 current value at fixed rate say 5%. Deed of trust to give lender control of sale of home in the future (say 5 yr. minimum) and if and when home sells Lender gets the benefit of price over the $250,000 amount. Benefits should be obvious: less deterioration of properties, cash flow to lenders (although less) and the ability to regain loss they are taking now under their plans! Benefit to Owner should be clear, but includes not only staying in home but opportunity to build equity under the $250,000 figure. Sincerely, Barton Hyde Hyde & Associates 1325 Arizona Street Boulder City, NV. 89005 702-683-9296 cell

Barton HydeBarton Hyde First of all lets look at what we have and realize that it can't be fixed! At least the way most people look at it, sure there's plenty of blame to go around. But as Merv Griffin said to the Donald after being bested by him, OK you win lets eat! One of the great challenges I see as a 30 year RE broker is this: The lenders and there helpers don't have a clue and you can't get the problem solved by sending these collection types after owners. Many of which would like to stay in their home but it's upside down. Instead of trying unrealistic modification programs lets use common sense! Wow what an idea, take a owner that owes 400,000 on a home that is now worth 275-300,000. Why not create a new contract that will allow the current owner to stay(of course there would be conditions) and pay on say a 300,000 amount at a fixed 5-5.5% rate. A new deed of trust as we use in my state could be structured to give the lender unlimited safety (including interest in the property)and when it is sold (specific regulation builtin the new deed of trust) with lender approval they would receive all or part of the funds over the 300,000 new base! Again this subject is to detailed to fully discuss here but the idea could save the lender additional cost, keep from flooding the market with reo's, and most of all keep the property in better condition and have the owner get a chance to stay in their home! The last thing we need is for the lame brains that seem to be running things to find new ways to give away money to have new buyers that can't afford it to buy a home before saving for it! Thank you, Barton Hyde bouldercity@realtor.com

Barton Hyde First of all lets look at what we have and realize that it can't be fixed! At least the way most people look at it, sure there's plenty of blame to go around. But as Merv Griffin said to the Donald after being bested by him, OK you win lets eat! One of the great challenges I see as a 30 year RE broker is this: The lenders and there helpers don't have a clue and you can't get the problem solved by sending these collection types after owners. Many of which would like to stay in their home but it's upside down. Instead of trying unrealistic modification programs lets use common sense! Wow what an idea, take a owner that owes 400,000 on a home that is now worth 275-300,000. Why not create a new contract that will allow the current owner to stay(of course there would be conditions) and pay on say a 300,000 amount at a fixed 5-5.5% rate. A new deed of trust as we use in my state could be structured to give the lender unlimited safety (including interest in the property)and when it is sold (specific regulation builtin the new deed of trust) with lender approval they would receive all or part of the funds over the 300,000 new base! Again this subject is to detailed to fully discuss here but the idea could save the lender additional cost, keep from flooding the market with reo's, and most of all keep the property in better condition and have the owner get a chance to stay in their home! The last thing we need is for the lame brains that seem to be running things to find new ways to give away money to have new buyers that can't afford it to buy a home before saving for it! Thank you, Barton Hyde bouldercity@realtor.com