Stop Foreclosure Answer

Many people and organizations in the United States are getting frustrated with banks and financial institutions giving executives and key management personnel bonuses in the midst of the foreclosure crisis gripping this country.  We all have seen or heard news reports about what groups have done to bring attention to this.

The latest was a protest outside the offices of Goldman Sachs in Washington, D.C. on November 16.  About 100 protestors organized by the Service Employees Union International and a group named Public Citizen carried “wanted” posters for Lloyd Blankfein, the chairman of Goldman Sachs.  They also carried a big red homemade vampire squid puppet with fangs and tentacles which was supposed to depict Goldman Sachs as a company trying to wrap its tentacles around humanity.

The main demand of the protestors was for Goldman Sachs to take the $23 billion in bonuses it had announced that it was going to pay its executives and key personnel and use it to help struggling homeowners avoid foreclosure.  Their logic here was how could a company pay such an obscene amount of bonuses when people were in foreclosure and Goldman Sachs was one of the financial institutions responsible for the mortgage crisis that caused the foreclosure problem.

While this protest got the attention of the news media, it did very little to help people facing foreclosure.  The protest occurred after the bonuses were announced.  At that point there was no way Goldman Sachs could go back, cancel the bonuses and set up a fund to help people having financial difficulties save their homes from foreclo0sure.

Let’s look at this from another side.  Say Goldman Sachs did take the $23 billion and divert it to help people facing foreclosure.  How would they get it into the hands of these people?  Currently there is no mechanism in this country to do that.  It probably would sit in an account for months until someone or some organization figured out how to do it.

While the protestors’ intentions may have been good, they really did not have a plan in place to get the money to the people who could use it if they were successful.  For that reason their protest was all show.  If they were successful, it would not have succeeded.

If you are facing foreclosure, don’t believe that something magical is going to happen.  Don’t believe that Robin Hood is going to show up at your home and give you the money you need to save your home from foreclosure.  Don’t believe that you’re going to wake up tomorrow and suddenly your problems are going to be over.  It is just not going to happen.

If you are not represented by a lawyer or an expert in loan modifications, get one to represent you.  Also learn as much about the foreclosure process and what you can do to save your home from foreclosure as you can.  That is you main way to save your home.  There is much useful information on this in my EBook.  You can find out more about it by clicking Stop Foreclosure.

Much Success,

Mark Elkins