This photo was taken on: December 16, 2008 in Franklin Mcpherson Square, Washington, DC, US, using a Canon PowerShot SD750.
By: Jay Tamboli
Description: Gingerbread White House (detail of porch light)
My Source: http://www.flickr.com/photos/47084925@N00/3115030584
Get it? "Commander in Chief," "Change we can believe in," etc.? Oookay...
Anyway, here is my first installment. I actually wrote this letter to President Obama before I concieved of the blog and mailed it the day I created the blog, so it is not as well executed as I intend my future "editions" to be.
My idea is not very well articulated for this one. I just wanted to get it out there, yet wrote it knowing it would probably never reach its actual addressee. I may reattempt getting this idea "out there" at a later date with more research, better articulation, and addressed to someone who will at least see the darn thing!
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Dear Sir,
I am just a single mom of three in California trying to make ends meet. I have no credentials or qualifications to present you with, that my idea might be taken seriously or even pass before your eyes, but it can't hurt to give it a shot right?
(Omitted Personal Information)
It is one of my dearest dreams to provide a real home for my children, and certainly I do this wherever we lay our heads by loving and providing for my children, and bringing joy and thanksgiving into our daily lives. Still, to provide them a house to call home through the years is one of my greatest desires.
So it was with all this in mind that I began to think on how I might do this very thing. I certainly have no down payment for a home, and my credit still carries the scars of the last couple years, but I pay my bills, I make my rent, and I meet my debt obligations faithfully. I began to look at "rent to own" or "owner carry options", but they are indeed few and far between. And then I began to think on how much sense it would make if those on the verge of losing their homes to foreclosure had an option with banks, not to short sell their home and demolish their credit thus plunging them deeper into an already bad situation. What if they were given a grace period from the bank to sell their home as an "owner carry" with no down payment, but simply to take over the mortgage payments and the remainder of the existing mortgage? Many responsible individuals, who have no down payment, but already pay an equivalent amount in rent, would be interested in such an opportunity. Allowing the possibility of home ownership for people like myself, saving the owner from foreclosure, and saving the bank the expenses and losses of a foreclosure.
And further, what of the already foreclosed on homes? Banks are overwhelmed by the glut of foreclosures in this current economy and sell them at significant losses. Why not "rent to own"/"owner carry" those homes for the price of their losses? In the event the buyer defaults, there is no foreclosure, simply eviction. They are left where they started, with a few more dollars in their coffers. In the event the buyer fulfills their commitment, the banks have recovered their losses, they have one less property on their hands, and someone like me has a dream come true.
It’s an idea. And as I said, I am no expert in these things, so it is a simple idea. But in my humble opinion a very good one for everyone involved.
Thank You for your time, and God bless you,
Kat Dilanchian
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Anywhoo, there it is.
Excluding this coming weekend, future editions will be published on Saturdays, so if you're reading this... anyone? That's the day to check in.
