In Palm Springs second home owner and almost in trouble

Yes , as a Realtor I did help a lot of my clients and friends buying second and third homes in Palm Springs.

Today they come to me for help to get them out of there. They are not in the position of foreclosure or even short sale. They are not delinquant and pay all their bills but they feel it might not last for much longer considering the economy and their income situation.

They spoke to the banks to find a solution, they are all intelligent responsible buyers and owners and kow that there must be a way they can ride this wave.

How about getting you to help us out there and reach the banks for a programme for people who take their credit seriously, who take their home ownership proudly and who as patriotic as they can be do not want to contribute to adding more foreclosures into the system ?

I am looking for people in the same situation that know they can hold on for 3 to 6 months but not much longer in making their mortage payments but do not want to give up and are determine to have the banking system find a way (which would work for them too ) to keep the owners in the business of owning and paying their mortage and the banks in the business of lending money.

The way I see it is to increase the length of the loan and this cut down the amount of the mortgage , keep the value of the property until the market gets better and keep the economy going.

What do you think?

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