60 Minutes Foreclosure Story - What Were You Thinking?!
I've watched 60 Minutes for as long as I can remember. My father had it on every Sunday back when there were only three TV channels and used to complain during football season that his beloved show was delayed for a sporting event.
I grew to like it a lot. Uncovering scams and holding the government accountable and even a few interviews with actors on the lighter side.
Last night I saw a first; reckless journalism reporting one section of what's going on in the foreclosure crisis. Shame on you 60 Minutes!
If you didn't see it the foreclosure story and video can be found here: 60 minutes
The story basically details how people who can afford to pay their mortgage are walking away from their homes. The people in the story are in hard hit foreclosure areas and they don't have hardships so they are walking away from their homes.
I don't argue with this as an option since people without a hardship currently have only two options: stay and keep paying or walk away and have a foreclosure on their record.
I DO have a problem with 60 Minutes' failure to mention that for those WITH and hardship they can get a loan modification or list their house for a short sale.
When a major network show tells one side of the foreclosure story and fails to mention loan modifications and short sales, they give the impression that walking away is the best choice for everyone who decides they can't stay in their home.
Stories like this hurt people since they only give them part of the information they need to make the best decisions. I speak to people every week who are days away from a Sheriff's sale and their bank lets us know that if they had called sooner a loan modification could have been possible.
In addition 60 Minutes went on to give free press to a walk away website! These guys seem dubious in their service offering. Why do you need to pay someone to help you walk away?! You would be better off spending the money on a consultation with your lawyer and accountant.
C'mon 60 Minutes, this is bush league and you know it. If you have further stories about the foreclosure crisis contact me (www.NateGerard.com) I'm happy to give you the WHOLE story!