Let's Get On With Foreclosures

Remember the Academy Award winning movie “Network”? In it, the fictional TV host Howard Beale became a ratings sensation by nightly exclaiming that he was “mad as hell and not going to take this anymore”.

Well here’s one renter who’s “mad as hell and not going to take this anymore.”

While millions of “homeowners” continue to abuse and destabilize the nation’s banking system by not making their monthly mortgage payments, renters like you and me stay current on our rent payments.

While millions of homeowners skate for months and even years without making mortgage payments and continue to live in their homes, try not paying your rent for even one month. You’d be thrown out on your ear in no time flat.

While homeowners claim to be victims of the banking system because the banks didn’t properly sign or can’t locate certain documents the basic facts remain. The banks lent them the money to buy their homes, the banks took a security interest in the property, the homeowner failed to fulfill their part of the bargain by making their monthly payments. Therefore, the banks are legally entitled to foreclose on the property and liquidate it to try to recover their investment.

Just as a renter faces eviction by not paying their rent, homeowners should face timely foreclosure for not making their mortgage payments. It’s a basic issue of fairness.

While I can feel sympathy for homeowners victimized by the current economic recession you have to remember that renters are feeling the same pinch. We’re all in the same boat.

Continuing to delay the foreclosure process by instituting foreclosure moratoriums helps no one. Let’s get these properties back on the market so credit worthy homeowners and, yes, renters can take advantage of lower home values.

Enough is enough. It’s time to end delinquent homeowners’ free rides.