How Larry King COULD Have Helped Foreclosure Victims

Monday night, as I was watching CNN, I saw an ad for Larry King Live. The ad promised "Foreclosure Solutions... Your Questions Answered!" I was very excited... this is a national show, respected host, and he was going to be talking about the SOLUTION that homeowners could implement! This is exactly what the media needs!

As I watched last night, however, I was astounded. I actually think that Larry King was embarrassed at times, because the topic got so dramatically off subject that no solutions whatsoever were presented.

The show featured housing experts such as Robert Kiyosaki, Barbara Corcoran, Jorge Perez, Michael Corbett, and, of course, Donald Trump. Now, I admire each expert for their successes in real estate and business, and I own books by Kiyosaki, Trump, and Corcoran. However, I knew when they announced the panel that they weren't going to talk about foreclosure from the homeowner's perspective - they were going to talk about how bad the market is and how people can capitalize on it.

That's exactly what they did.

"The Donald" talked about his deals in Dubai and Abu Dhabi. Corcoran talked about the opportunity to buy your neighbor's house. Corbett said, "Call your lender; they don't want your home." Perez said, "Negotiate with your lender." What NEW information was disseminated? What solutions were presented?

At one point, a caller asked an opinion of the panel about a lawyer who offered to negotiate the conversion of her loan from an adjustable rate to a fixed rate. The answers the panel gave were ASTOUNDING! They were vague, unsure, and nowhere near what the woman needed to hear! Another woman called to ask what she should do - she has a house that is worth less than paid for, and the mortgage company will not speak with her about a refinance because she's not behind on her payments. Corcoran actually suggested that she "go down to the bank with her keys and deed in hand and tell them you've had enough!" She said to demand they deal with her or threaten to give the house back.

WHAT? Is that all she had for professional advice? Is that supposed to actually WORK? I think this is the point where I stopped yelling at the TV screen and just started shaking my head.

The whole time the screen was displaying statements for viewers like "Can You Save Your Home?", "Don't Lose Your Home!", and "1 Million Foreclosures!", they were broadcasting live from the REDC foreclosure auction in Bakersfield, CA. At one point, they even interviewed an attendee who said they were there shopping for a new house.

Talk about mixed messages.

I applaud Larry King's efforts. I understand what he was trying to do, but I think the panel's focus got away from him. Robert Kiyosaki was the only one I felt gave good information - specifically, he stressed the importance of financial education - but even Kiyosaki's input couldn't save the show. Next time, Larry King should specifically focus on the information and answers that people REALLY need in times of trouble.