Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
OK, so someone who is paying their mortgage on time gets a $5000 credit. I personally don't have a problem with that.
The vast majority of people that are losing or close to losing their homes due to foreclosure and would qualify for these programs are honest people that lost their jobs. Even if you have a standard 3-6 month safety net in savings, in this economy it isn't long enough.
I don't understand why people are so bitter against these people. these are people that didn't get 1-2 year severences when they got laid off. These aren't people that could find another job in this economy. yes they are getting some help from the government but I still can't believe people are griping this much over $5000 over five years!!!!
To not help reasonable help these people out is like cutting off your nose to spite your face. Noone knows when they might have to sell. Things happen, plans change, life happens.
OK, so someone who is paying their mortgage on time gets a $5000 credit. I personally don't have a problem with that.
The vast majority of people that are losing or close to losing their homes due to foreclosure and would qualify for these programs are honest people that lost their jobs. Even if you have a standard 3-6 month safety net in savings, in this economy it isn't long enough.
I don't understand why people are so bitter against these people. these are people that didn't get 1-2 year severences when they got laid off. These aren't people that could find another job in this economy. yes they are getting some help from the government but I still can't believe people are griping this much over $5000 over five years!!!!
To not help reasonable help these people out is like cutting off your nose to spite your face. Noone knows when they might have to sell. Things happen, plans change, life happens.
Very true!
It seems that the people who often gripe the loudest are the first ones in line for help if they had problems.
Things happen, especially in this economy. It seems that some people think that the problems are not real and the help is not needed until they are effected.
I am not talking about homeowners who lost a job, I'm talking about someone who knowingly falsified income information, bought a house they couldn't afford, got an adjustable rate mortgage knowing full well that if it went up, they couldn't pay it.
I can understand losing your job and getting help but even then...why not pay it back when you find another job?
Some people would argue why you wouldn't have enough in savings to get you through an unexpected rough patch such as a job loss, medical emergency, etc.
I am not talking about homeowners who lost a job, I'm talking about someone who knowingly falsified income information, bought a house they couldn't afford, got an adjustable rate mortgage knowing full well that if it went up, they couldn't pay it.
I can understand losing your job and getting help but even then...why not pay it back when you find another job?
Some people would argue why you wouldn't have enough in savings to get you through an unexpected rough patch such as a job loss, medical emergency, etc.
The plan does not help those people. If you take a look at the plan details, there are provisions in the plan that will prevent help for people who falsified documents and got in over their heads. Obama even said that the plan would not help everyone and is not intended to.
Why not pay it back? pay back what exactly? you mean the portion of the plan that pays up to $5000 for modified mortgages if payments are kept on time? Ok there can be an arguement made about that, but the other part of the plan - allowing underwater homeowners to refinance, what exactly are those homeowners supposed to pay back?
Also, what do they give as a time frame for emergency funds? 9-12 months now because of the economy? What happens if those 9-12 month reccommended by leading economists runs out, then what? That is still no guarantee that a sufficient emergency fund wopuld get you through a rough patch.
Which does not affect me unless I try to sell my house. In fact, it is great for my property taxes!
Neighbors already pitched in by being non-greedy good citizens who are making their payments every month.[/quote]
NO NO NO!
What you really mean to say is you have very lucky neighbors who DID NOT LOSE THEIR JOB like 4.4 million other Americans have. Count your blessings that you dont lose your home because your 2 bit employer closed it's doors, or you or a family member gets sick, or you just get your silly azz fired for your attitude. Then YOU TOO will have to walk away from your house.
You have a contract with your idiot lender and you have a contract with your family. If one of the above issues happen to you it seems to me you will chose your idiot lender over your family. Shame on you.
1. We're talking about idiot borrowers who (along with the help of idiot lenders) took out more money than they could ever hope to repay and bought way too much house (not to mention other things they couldn't afford). I have not one ounce of sympathy for those people.
2. No matter why you lose your job/income, that is called LIFE. And you don't get bailed out every single time something happens in life. That is why you plan ahead and make responsible, sensible decisions.
3. Because I am so close to my family, I know that I already have a bail-out system that doesn't involve imposing on strangers. And they have one in me. Thanks.
1. We're talking about idiot borrowers who (along with the help of idiot lenders) took out more money than they could ever hope to repay and bought way too much house (not to mention other things they couldn't afford). I have not one ounce of sympathy for those people.
2. No matter why you lose your job/income, that is called LIFE. And you don't get bailed out every single time something happens in life. That is why you plan ahead and make responsible, sensible decisions.
3. Because I am so close to my family, I know that I already have a bail-out system that doesn't involve imposing on strangers. And they have one in me. Thanks.
We can't even debate this because you would rather see the economy really tank rather than "interfere". So what if your family members lost their homes and their jobs? These plans are in the works because we all want to avoid a worst case scenario. If the worst happens, hardly anyone has enough family and friends that could help even if those family and friends are multimillionaires now, that does not mean they will be a year from now. What about those people that have no family to turn to?
Note: NPR is the source - I presume it is credible for the Left. Read the section that states that they want to allow a judge to reduce the mortgage balance to a home to its fair market value. Uncle Sam picks up the difference.
Obama also voiced support for a change in bankruptcy law that will empower bankruptcy judges to alter the terms of primary mortgages. That plan would require additional legislation from Congress and would allow the federal government to fund the lending institution the difference. Obama supports lowering a combination of lower interest rates and principal reduction so that the total payment is not more than 31% of income.
He also proposed paying homeowners via principal reduction $1000 a year for staying current on their payments - how about that?
Carry on in blind servitude to your master.
Such a joke. Those of us who worked hard and pay our mortgages on time, are ultimately being taxed to pay for irresponsible people who should have never bought a home in the first place. What a joke!
We can't even debate this because you would rather see the economy really tank rather than "interfere". So what if your family members lost their homes and their jobs? These plans are in the works because we all want to avoid a worst case scenario. If the worst happens, hardly anyone has enough family and friends that could help even if those family and friends are multimillionaires now, that does not mean they will be a year from now. What about those people that have no family to turn to?
The difference is that I don't think the whole economy will explode and the end of the world will happen if we let idiots fail and figure their own way out of this.
O/w all we're doing is saying there are no consequences for your stupid, greedy decisions.
It also falsely props up industries and companies (not to mention individuals) who are operating in an unsustainable way - they need to die out and be replaced or we're just going to repeat the same problems over and over again.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
