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Tampa Bay Loan Officer Initiates White House Petition to Stop Nationwide Strategic Defaults

  (March 27, 2012)

Tampa Bay, FL (PRWEB) March 27, 2012

Pam Marron, a senior loan officer in Tampa Bay with more than 27 years experience in the real estate industry has been troubled by the now common practice of banks who persist in pushing underwater homeowners into strategic default by telling them to stop making mortgage payments in order to qualify for short sale.

Last week, Ms. Marron wrote a petition that is now online under WE the PEOPLE at and can be signed by anyone who wants to put the spotlight on the banking institutions bad advice. This is the primary reason that short sellers en masse are becoming wrongly labeled as strategic defaulters, noted Ms. Marron.

This isnt about politics. Its about helping underwater homeowners, and helping the real estate industry, added Ms. Marron. This is not just a Tampa Bay area issue either, this is happening nationwide. Make your voice heard. Go to to sign the petition. We need 25,000 signatures by April 12 to bring national attention to this harmful practice.

With short sales on the rise and homeowners underwater, Ms. Marron says that the worst thing these homeowners can do is stop making mortgage payments. In addition to the cost of repairing erroneous credit that is often reflected after a short sale, this one practice of late payments on a mortgage before a short sale exempts these homeowners from getting an FHA mortgage for three years after the short sale, keeping a huge number of citizens out of the real estate market for a prolonged period of time.

Ms. Marron also states that she is not seeing the strategic default story that is commonly reported. Folks that are coming to me have managed to keep good credit before and after the short sale. They are most often at the end of their rope, wiping out 401Ks and savings. They are broke, embarrassed and just want to get their home sold and start over.

Marron states these underwater homeowners will do whatever it takes to keep credit intact. She can prove it with credit reports where the only late pays were on the mortgage prior to the short sale. All Im trying to do is raise awareness that most often, it is not the homeowners who wants to default. We need to hold the banks responsible because the homeowners do not want to do this, said Ms. Marron.

The White House has to hear from the people most affected. Thats why Ms. Marron is asking everyone she knows to go sign this petition:

We petition the Obama administration to:
require banks to stop forcing underwater homeowners to default in order to qualify for a short sale

Banks are forcing underwater homeowners to default in order to qualify for a short sale, causing these homeowners to be mislabeled as strategic defaulters. Strategic defaulters are those that can make their mortgage payment but choose not to.

This bank policy of requiring late mortgage payments before the short sale automatically disqualifies homeowners from getting an FHA mortgage for three years.

Lenders, the U.S. Treasury, FHFA, and Making Homes Affordable all are aware of this problem. Yet, nothing has been done to correct this policy. This inaction is directly contributing to the slow recovery of the housing market.

Put a stop now to the damaging practice of lenders forcing underwater homeowners to be late on their mortgage in order to qualify for a short sale.

About Pam Marron:

Pam Marron has been originating residential mortgages since 1985 and still loves this business. Her extensive experience includes automated loan approvals through Desktop Underwriting, Loan Prospector, and with the USDA GUS system. Her knowledge of the business includes the use of FHA loans (including 203K rehab), conventional loans (including USDA, Homepath and renovation), and VA loans.

Ms. Marron also has a different slant on using the new HARP 2.0 for Fannie Mae/Freddie Mac underwater homeowners. The best way to regain equity the quickest is with a shorter term, so refinance at a lower rate and on a 15 or 20 year term. The NEW proposed Obama Plan (for non-Fannie Mae/Freddie Mac underwater mortgage holders) also recommends a 20 year term, and pays an additional $3,000 towards doing so.

She is also an advocate for the Responsible Homeowner Reward (RH Reward) program, a private investment plan available to banks with a credit of equity back to current paying but underwater homeowners. Those that stay in underwater properties should be given the best tools possible to regain equity the quickest.

More information on all the above can be found at:

Facebook: CloseWithPam | 3 Solutions for Underwater Homeowners
Twitter: @PMarronMortgage #StopDefaults


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