Delinquent Homeowners to Get Mortgage Aid from Obama Administration

reply to post by The Old American


This probably isn't any consolation but I feel for you. The whole burning rope analogy. I make more than you and I'm willing to pay more so you can bring yourself and your family to my level or above.

I was going to give a long, drawn out response but this should suffice.

Round and round and round we go with this topic.

Some people who actually need help, really do need it. Life sometimes thorws many hardships and if qualified people need help, I have zero problem with it.

BUT I would also like to say, buying a house can be confusing, however that is why a 'buyer' must educate themselves. Its not rocket science gang.. its called being a grown up!

Heck even HGTV has a series about this.. called Property Virgins. Even watching that should clue some people in.

If all a person can qualify for is a variable rate loan then perhaps they should try to improve their credit score prior to buying. It really isn't all that hard, and yes it might take a bit longer to do, but isn't purchasing the most expensive thing you will ever buy worth it?

It really doesn't take a lot of time to do some research, ask questions, heck go ahead and be a total pain in the arse and ask and ask again until you understand. Countless websites can help you figure out what your expenses will be. But sadly, others will play the "I was snookered into this deal!" " I didn't understand the loan.. blah blah blah..

For those I say, there is a fool born every minute, and just because some forgot the very sage advice of "If it is too good to be true, then it probablly is"... The responsiblity has to fall on those not taking the largest single purchase they will ever make serioiusly.

If you have ever tried to buy a house, then you know we all "qualify" for a heck of a lot more than we can actually afford. Its common sense people.

I find it interesting that when A is chosen instead of B I see a thread bashing decision A.
Then when the next time B is chosen instead of A I see a thread bashing decision B.

I think what some people don't understand is that part of the agreement between the banks and the attorney gernerals that have been investigating this scam might be the bank paying out one very large settlement, of which some of it would be used to write down the principle to the mortgages....
so, it wouldn't be taxpayer money. and well, it isn't like the banks can LEGALLY foreclose on many of these houses, they can't even prove who owns them....
my only grip is that instead of writing down the principles of those who have stopped paying, if it is found that they have indeed muddied the deeds to all these houses and this in and of itself will decrease the values of them, well, they should write down the principle on all of them! since it was their crap that depreciated the values!!! I mean if they've make the title uninsurable, they made the house close to unsellable!

I wish I could be irresponsible and not pay my bills and have the more responsible people bail me out. But alas .... I'm too responsible for that and I would feel bad being a burden on everyone else. Too bad the rest of the country doesn't feel the same way.

Originally posted by Section31
Link: Delinquent Homeowners to Get Mortgage Aid from Obama Administration

We are screwed as a nation.

Obama is bailing out delinquent home owners with taxpayer money.

Vote for me and I will set you free!!!

Hope, Change, and Mental Breakdown!

edit on 6/4/2011 by Section31 because: (no reason given)

Well, isn't this nice. I paid off my mortgage by working hard and living within my means, so where's my bail out? Oh, that's right, I get screwed because I played by the rules and PAID my loans and now I get to pay for someone elses home that he/she already knew they couldn't pay for to start with. With this latest hole the Idiot-in-Chief is digging for us, will we ever see daylight again?

I watch the HGTV shows where people choose between three properties to buy. "Oh, honey! I can't have a kitchen that doesn't have GRANITE countertops!". Over and over again, I see young couples just starting out, insisting on all the bells and whistles in the house they buy. How in the world can they afford a 2000+ square foot home in an upscale neighborhood? You just know they are going to be upside down on their mortgage in no time. Is there no common sense in America?

A few tips when getting a mortage.

1. Get a copy of the agreement you have yet to sign, tell them you want to take it home to look it over. Get a pen and a notebook to write down any and all q's you have also conduct a websearch on any term and part of the doc you are unfamiliar with.
2. Do not ever sign the first deal that is presented to you, always demand modifications made to turn it in your favour.
3. Take the unsigned copy to your lawyer and pay them like $500 to read it over to find out what's good.
4. Call or write any homeowner activist associations for additional advice.
5. Every state puts out a yearly book covering home ownership and legal info thereof get this doc.
6. If any lender fails to answer any and all q's you have as well as any lending agent tries to forces or pressures you into signing any deal or becomes hostile, agitated and uncomfortable with what you are asking them tell them "No sale" and immediately get up and walk out of the door.

And most important :
7. THE INFORMED CONSUMER IS A DANGEROUS ONE AND ONE THEY KNOW THEY WON'T BE ABLE TO SUCKER OR MANIPULATE ALL WHILE STANDING YOUR GROUND AND BEING FIRM IN YOUR RESOLVE AS YOU ARE TO MAKE THEM PULL OUT ALL THE STOPS AND OFFER YOU EVERYTHING UNDER THE SUN TO SIGN!

Originally posted by Chindogu
reply to post by Section31

 

Because throwing them out on the street where they can no longer get a job, will be great for the economy. And if they have kids, screw em'. They don't need no edumecation. There's plenty of work they can do. Like selling drugs, and committing armed robbery. Honestly the gangs have been suffering from recruitment issues lately, it should help them out greatly.

Wow, you have very little faith in your fellow man to be able to succeed without intervention. That speaks volumes.
Kind of sounds like the Liberal mantra.

Originally posted by kerazeesicko
I have no clue as to why anyone would even discuss anything with these posters? These are known Obama bashers and if it's not this, it's something else. No matter what Obama does..they will be against.


I also find that when conservatives are against something....they are thinking of the colored and are surprised to find out that it also affects the whites too.

When they think of delinquent home owners they see colored people, when they think of welfare they think color and when you talk about people needing healthcare..they see color..because they assume only the colored people would need these stuff because no white person would need any help from the government.

Oh, another all conservatives are racists retort.
Your brilliance is equal to........to............well, it's equal to something, like maybe dirt. Yeah, dirt.

Originally posted by jimnuggits
reply to post by TheWalkingFox

 

Finally, a voice of sarcastic reason!
These me, my, mine folks are so many, and I am so few.
Its a sad day when you have to explain to fellow citizens why it's a good thing that there are societal safety nets. I'm guessing these are mostly white, solidly middle class, and never had many hard knocks. Funny how perspective means so very much...

Yep, and those nets are provided by tax dollars, taken from some to provide for others.

Originally posted by jimnuggits
reply to post by pikypiky

 

Once again, you're missing the fine print.

If a mortgage company tells you your payment will be 400 a month, you say great.

Then they call back two months later and say 'did we say 400? We meant 600,' you say 'well, a little more than I'm comfy with but whatever, I still have 800 in equity in this house.

Add two more months and 'I realize we said 600, but we really meant 3500.' Is this the homeowner, who signed a fixed rate mortgage on a 150K house, only to watch both his equity and his ability to make his payment, or sell the house, disappear?

What a lazy bum, squatter!

Should've known better than to try and buy a house he could afford.

Yeah, because the banks can just magically change the payment and/or rate with the flick of a wrist, with nothing being in the contract signed for the mortgage

Sorry, but it just doesn't happen that way.

Originally posted by The Old American

Originally posted by links234
reply to post by The Old American

 

I can understand the desire for anonymity...being the internet and all, but I've heard of people making upwards of $200k/year considering themselves "middle class".

By your own admission and assuming you really are lower-middle class, putting you at anywhere between $40k and $60k, you're probably living paycheck to paycheck...if not then you make more than you realize. You, as a lower-middle class American, have a slightly better chance of falling out of the middle class (into the lower class -poverty range) than you do of moving up in it. If you were to get cancer for example, you would be screwed...health insurance or not. If you were to go into bankruptcy you'd still owe on your student loan, that doesn't go away.

I make $41,200 as a yearly salary. I work 12 hour days, 4 days on 4 days off, which works out to 200 hours per year more than a 40 hour-a-week wage earner, so my actual salary compared to a $41,200 wage earner is a bit less (the company gets more work out of me than that other person). So, yes, I'm firmly entrenched in lower middle-class, clinging on a burning rope that's threatening to drop me down to upper lower-class (if there is such a thing).

I have a 13 year old, a wife, a mortgage, I pay around $300 a month just for health insurance for my whole family, medical bills, groceries (we can't afford to go out to eat), college tuition that I pay for out of my paycheck, credit cards (though not a lot of debt because, as a responsible person, the cards are only for large emergency purchases that we don't have cash for).

And yet, somehow, I'm able to keep up with my bills and not be out on the street asking for a hand out. And I haven't asked for one, and don't expect one. So, yeah, I don't have a lot of sympathy for these people losing their homes, and I sure as hell don't understand why I should be responsible for helping them out. I don't get any sympathy and don't want any. But I do what I have to for my family, and that's all I, or anyone, should be required to do. But the Progressives seem to have no problem taking what little I have left and giving it to others. How humanitarian and morally upright of them.

/TOA

I guess be prepared to be punished for your responsibilities by fellow ATS'ers and the Govt.
For shame that you take care of yourself and your family.

It's Economics 101, Supply and Demand.

The reason as to why home prices have fallen is due to the fact that all of the foreclosed homes remain on the market.

Too many homes , too few buyers.

Many of these home owners haven't any other option than to walk away from their homes due to inflated values of the past.

Which will only add to the number of unsold/empty homes held by banks and falling home prices.
As well as lost tax revenue by cities and towns.

By adjusting their principle and preventing them from losing their homes, it will help in aiding the overall housing market by stabilizing the housing market and boosting our economy.

Some of you people really disgust me. To assume that many of these people were irresponsible and worthy of losing their homes is outright selfish and ignorant. Given the circumstances and what has happened in recent years to the economy, you ought to show some compassion for your fellow neighbor. Regardless of what taxes you're paying, you'll never feel the pinch, for you're losing money you haven't seen anyway. Get over yourselves already. I'm a homeowner, and a business owner. I almost lost my home and my building where I practice architecture. I was lucky enough to eventually find a buyer willing to take my office for a reasonable asking price. But that doesn't mean I'm making it big at the price I sold it for. I had to take loans, refinance, personal loans, damnit I even had to ask family for help just to keep myself and my employees afloat. Do you think I was able to manage all of that by being irresponsible and careless? Bottom line, s#it happens, and when you're dealt a bad hand, you make the best out of what you've got. I pay taxes quarterly...What's my thought on that? Eff it, everyone else does too...So me whining about the many that abuse the system won't get me anywhere but down a long road of bitterness and anger toward a face I've never seen. Stop ya bloodclot crying, and man up bitc#es. There are MANY families that need and DESERVE to be helped out. I hope you'll never have to stick your hand out for help, because as karma goes, you'll get the same help you've given.

Originally posted by Sparkitekt
Some of you people really disgust me. To assume that many of these people were irresponsible and worthy of losing their homes is outright selfish and ignorant. Given the circumstances and what has happened in recent years to the economy, you ought to show some compassion for your fellow neighbor. Regardless of what taxes you're paying, you'll never feel the pinch, for you're losing money you haven't seen anyway. Get over yourselves already. I'm a homeowner, and a business owner. I almost lost my home and my building where I practice architecture. I was lucky enough to eventually find a buyer willing to take my office for a reasonable asking price. But that doesn't mean I'm making it big at the price I sold it for. I had to take loans, refinance, personal loans, damnit I even had to ask family for help just to keep myself and my employees afloat. Do you think I was able to manage all of that by being irresponsible and careless? Bottom line, s#it happens, and when you're dealt a bad hand, you make the best out of what you've got. I pay taxes quarterly...What's my thought on that? Eff it, everyone else does too...So me whining about the many that abuse the system won't get me anywhere but down a long road of bitterness and anger toward a face I've never seen. Stop ya bloodclot crying, and man up bitc#es. There are MANY families that need and DESERVE to be helped out. I hope you'll never have to stick your hand out for help, because as karma goes, you'll get the same help you've given.

That is tough, and most feel your pain.
But at the end of the day, am I responsible for your tragedies in life?
As for tax dollars not missed? Are you sure you are a small business owner?
I have been there and done that and know that every penny counts.

The fact that you went to family and resolved the issue yourself is what is expected. Not the Govt stepping and giving you money to live.

I again restate what I said in my post yesterday. There are a quite a few people on this thread who are correct, but please read what I wrote to help strengthen your position.

The homeowners in trouble right now cannot be simply characterized as ignorant dupes who didn't know what an ARM was, or "liars" or lazy bums. These are people who have suffered as a result of the banking industry's plundering of the domestic economy. These people are also currently the victims of mortgage servicing practices that are frankly against the law and have actually unlawfully forced some homeowners into foreclosure. Several states attorneys general have actually issued general injunctions against servicing companies for unlawful and deceptive acts and practices. The trend is growing.

"Too big to fail" suggests "big enough to take some responsibility for the domestic economy"- the banks profited multiple times from a crash they themselves wilfully created. They are not entitled to any more spoils in any way shape or form.

If you're going to bail out anybody, bail out the homeowners.

But there's a better way, isn't there? The government should go after the banking industry's illegal activities very hard and seriously. There are certainly enough crimes to prosecute. And, in the meantime, support homeowners who have been the victims of mortgage servicing abuses-- allow them to collect damages from the banks themselves.

That'll reduce some principal debt, eh?

reply to post by macman


When you're used to shelling out for insurances, taxes, payroll, etc, it serves no purpose to nickel and dime yourself over what you're not able to keep. It does hurt, but so does going to Six Flags with a season pass and still having to pay for parking and food. In the end you're left with no choice but to abide by the terms given to you.
If I were given an option to turn to the government for assistance, I would've jumped on it. And rightfully so, considering my small contribution to society should entitle me to at least a little reciprocity.
It's like me complaining that someone's speeding on a road that my city recently paved because I contributed a few cents toward the construction of that road. There are many whom have abused the programs laid out to help those in need.
Don't we hire accountants and bookkeepers who know the system in and out to help us find a way to squeeze every last cent and to stretch it as far as possible? Does that make us exempt? Aren't we in our own way cheating the system too?

This is what makes me angry. I pay my bills, have a credit score over 800, and the government turns around and REWARDS people who purchased a house they couldn't afford. Meanwhile, I made a choice to buy a smaller home, so that my mortgage didn't exceed 25% of my income. Now, I'm going to help pay for some irresponsible person's home? What a load of CRAP! I'm sick of people living outside their means, and expecting someone else to cover the bills for them. Obama will NOT get my vote in 2012. Period.

Originally posted by Sparkitekt
reply to post by macman

 

When you're used to shelling out for insurances, taxes, payroll, etc, it serves no purpose to nickel and dime yourself over what you're not able to keep. It does hurt, but so does going to Six Flags with a season pass and still having to pay for parking and food. In the end you're left with no choice but to abide by the terms given to you.
If I were given an option to turn to the government for assistance, I would've jumped on it. And rightfully so, considering my small contribution to society should entitle me to at least a little reciprocity.
It's like me complaining that someone's speeding on a road that my city recently paved because I contributed a few cents toward the construction of that road. There are many whom have abused the programs laid out to help those in need.
Don't we hire accountants and bookkeepers who know the system in and out to help us find a way to squeeze every last cent and to stretch it as far as possible? Does that make us exempt? Aren't we in our own way cheating the system too?

Ok, but you do realize that with Govt "assistance" comes Govt rule? Kind of like taking on a venture capital partner/loan. They now get to inject their wants and hows into your life and business.