What does 22% assistance for buying foreclosures do to the rest of us?

The banks are being given an unfair advantage. The loan program with 22% down payment assistance is for BANK OWNED properties only. See my last post. If you are a Seller and not a bank, you just had the wind taken out of your sails. You are competing with banks who reduce the price of their properties until they sell and write off the loss. Now they even have a 22% advantage over you.

They have been given bail out money. They have controlled the market. They are not responding in a reasonable time to requests for loan modification or short sales. Now they are given a 22% advantage over you as a Seller. It’s time to write your representative and complain. If there is a program for the banks to get help liquidating the foreclosed properties they want to sell you should be able to use that same plan. It only makes sense. If you can’t sell and become a foreclosure victim yourself, the bank loses more, the neighborhood is effected with a vacant home going without upkeep, and the value of every home in the neighborhood is further devalued. That downward spiral could be avoided if you are given the same odds of selling because of the 22% downpayment assistance available for your home.

This is a disaster waiting to happen. You do not deserve to be given second position to the banks who created this mess in the first place. You can’t just write off the loss. For you it is real money. For the bank it is Monopoly money.