Columbus OH – Wall Street Fat Cats say
homeowners shouldn't walk away from upside down homes. Why? "If you do it,
then everyone will start doing it", they say. "It isn't moral. People
should own up to their commitments.
People should be responsible. This is more than just a contract. It's what
holds the entire economy together." However, those same rules don't seem
to apply to them.
Click
here to discover how other sellers successfully did a short sale and avoided
foreclosure. http://columbusohshortsaleadvisors.com/
Turns out Wall Street firm Morgan Stanley strategically defaulted
on their upside down properties. From the article in Bloomberg: Morgan
Stanley to Give Up 5 San Francisco Towers Bought at Peak.
Here is what the article says: "Morgan Stanley, the securities
firm that spent more than $8 billion on commercial property in 2007, plans to
relinquish five San Francisco office buildings to its lender two years after
purchasing them from Blackstone Group LP near the top of the market.
The bank has been negotiating an “orderly transfer” of the towers
since earlier this year, Alyson Barnes, a Morgan Stanley spokeswoman, said
yesterday in a telephone interview. AREA Property Partners will take over the
buildings. Barnes declined to say when the transfer will occur.
“This isn’t a default or foreclosure situation,” Barnes said. “We are
going to give them the properties to get out of the loan obligation.
The Morgan Stanley buildings may have lost as much as 50 percent
since the purchase, he estimated.
Morgan Stanley bought 10 San Francisco buildings in the city’s
financial district as part of a $2.5 billion purchase from Blackstone Group in
May 2007. The buildings were formerly owned by billionaire investor Sam Zell’s
Equity Office Properties and acquired by Blackstone in its $39 billion buyout
of the real estate firm earlier that year.
Morgan Stanley, based in New York, was the biggest property investor
among Wall Street firms at the time of the purchase. The transaction made the
company one of the largest office landlords in San Francisco, with the purchase
giving the bank 3.9 million square feet of office space there.”
Pretty interesting. If an ordinary guy walks away from his upside
down home, then that makes him a immoral deadbeat. "He's
working the system", the Wall Street people say.
But, to them it's a moral business decision. "We're doing what's best for
our stockholders", they say. "That's our obligation and duty."
Here is my question. Doesn't a parent have an obligation to do what is best for
the stockholders in their family? Let's say that they can save hundreds of
thousands of dollars in mortgage payments.
As a result, little Timmy will be able to attend college when he grows up.
Isn't it their moral obligation to do what is best for the stockholders in the
family?
Please let me know what you think. Put your
comments agreeing or disagreeing below.
Thinking about a short sale?
I can help you short sale your property and get back on your feet. Send me an
e-mail at robin.lemmons@kingthompson.com.
I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any
questions you may have. Or, if you prefer, you can call me at 614-741-2495.
Discover how other sellers successfully completed a short sale and request a
free consultation by clicking
here. http://columbusohshortsaleadvisors.com/
Thinking about a loan modification? Our Columbus loan modification kit has the
instructions you will need to get a loan modification approved with your bank. Click
here to request a copy. http://columbusohshortsaleadvisors.com/
Thanks for reading this, Robin Lemmons.
Rick & Robin Lemmons is a Real Estate Team at Coldwell Banker King Thompson.
Phone: 614-741-2495
Email: robin.lemmons@kingthompson.com
A Zest For The Best
View My homes for sale at www.rickandrobin.com.
Columbus Loan Modification Help, Columbus Short
Sales, Columbus Short Sale Realtor. Columbus Short Sale Realtor. Columbus OH
Short Sales. Columbus Realtor. Columbus OH Short Sales. Columbus Realtor.
Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.
Important
Notice
Rick & Robin Lemmons, Coldwell Banker King Thompson, and the Stop Foreclosure
Institute are not affiliated in any way, shape, or form with the government.
Our services have not been reviewed or endorsed by the government or your
lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to
help you on a short sale, your lender may not agree to a short sale or to
modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else
in life. It takes work and persistence to convince your lender to modify your
loan. No matter what you or we do, your lender may not approve a loan
modification.
We do not recommend that you stop paying your mortgage, because this will cause
damage to your credit and could cause you to lose your home. Because we know
avoiding foreclosure is so important to any homeowner, we recommend that you
speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a
licensed professional before making any decision. Information is deemed
reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your
lender if it does not meet your approval. If you decide not to go thru with the
short sale, then you do not have to pay us our fee. We normally make a real
estate sales commission for helping you on a short sale.
The views expressed here are Robin's personal views and do not reflect the
views of Coldwell Banker King Thompson.
This information on Columbus Short Sale News: Wall Street Firms Strategically
Walking Away From Their Upside Down Properties is provided as a courtesy to our
viewers to help them make informed decisions.
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