Mortgage brokers, mortgage agents, and mortgage lending

That’s right ladies and gentleman, once again foreclosure rears its ugly head. This time in Massachusetts in the second quarter, foreclosure filings rose 66%. That is a lot of filings. When the market slows down, then it is almost as if our finances become more upside down, especially when it comes to homeownership. I remember when I was reading our of our local papers the other day and it shared how this gentleman was trying to keep his home from being foreclosed on. He had been in a divorce and was trying to sell his property. He was upside down on his loan. He had received one offer on his house which was a lot less than it was worth and since the bank did not move on the offer, the potential buyer moved on to another property. Now he is facing potential foreclosure because he cannot keep up with the payments. I feel as if the bank should have moved on his offer even though it was less. This would have helped him get out of an uncomfortable situation and at least maintain some sense of good credit. What would your recommendation be?