U.S. Sets Big Incentives to Head Off Foreclosures

U.S. Sets Big Incentives to Head Off Foreclosures

www.nytimes.com



(visit the link for the full news article)

[edit on 5-3-2009 by Sestias]

[edit on 5-3-2009 by Sestias]

[edit on 5-3-2009 by Sestias]

[edit on 5-3-2009 by Sestias]

[edit on 5-3-2009 by Sestias]

According to the plan, people with mortages up to $729k can be eligible for assistance as long as they are in danger of being foreclosed on. For some, interest rates could drop as low as 2%. It is estimated that the number of people helped will be in the millions.

This is what the stimulus bill is really for. Help for the middle and working classes, who are just hanging on in many cases.

* * * The link I have provided may or may not ask you to register before you can see the article. Sometimes it does and sometimes it doesn't. If someone will let me know if it doesn't work for them I would appreciate it.

www.nytimes.com
(visit the link for the full news article)

[edit on 5-3-2009 by Sestias]

I see the Markets are responding well to this. Not.-4%@4:20.

So I was wondering about these $8,000 tax credit to first time home buyers. --If I were to buy a house in Michigan (god forbid) @$10,000 would it only end up costing me $2,000? Seems like a sweet deal? Anyone? Can this go to land?

Originally posted by Sestias

This is what the stimulus bill is really for. Help for the middle and working classes, who are just hanging on in many cases.

Gee- a mortgage of 700k sounds to me like upper-middle class at the least. Sorry but I don't have much sympathy for someone who took out a $500k mortgage. Let them embrace homelessness for a while and then look back on their Palatial lifestyle and realize it was beyond their means.


Pray tell, would this assist those multitudes of Illegal immigrants who took out mortgages without proof of citizenship or employment?

Originally posted by Moonsouljah
I see the Markets are responding well to this. Not.-4%@4:20.

So I was wondering about these $8,000 tax credit to first time home buyers. --If I were to buy a house in Michigan (god forbid) @$10,000 would it only end up costing me $2,000? Seems like a sweet deal? Anyone? Can this go to land?

I'll take two!!

reply to post by Moonsouljah



I agree with you. I have no problem with folks with a mortgage of any size and in fact have large ones. I should have not have been bailed out by the government and neither should these folks. Frankly, I'm sorry I paid my house off last summer since the government would have bought it for me!

This has nothing to do about bailing these folks out though. It is about stabalizing the housing market and not having millions of folks on the streets. Again, I agree and I think these folks are getting a free ride, but I don't think they have a choice but to do it. Like everything, timing is everything

Originally posted by Moonsouljah
I see the Markets are responding well to this. Not.-4%@4:20.

So I was wondering about these $8,000 tax credit to first time home buyers. --If I were to buy a house in Michigan (god forbid) @$10,000 would it only end up costing me $2,000? Seems like a sweet deal? Anyone? Can this go to land?

Nice try, but it is 10% of the purchase price up to $7,500
For you math whizs' out there thats $1000 off the $10,000 = $9000
-E-

[edit on 5-3-2009 by MysterE]

reply to post by MysterE


Dang. It'd have been nice to move into a house I couldn't otherwise afford. Hmm where have I this b4?
I'm sure Obama will get me into a house someway or another. Thanks in advance benevolent leader-you're the best? Oh and could you throw in some free school I won't apply myself in?

Originally posted by Moonsouljah

Originally posted by Sestias

This is what the stimulus bill is really for. Help for the middle and working classes, who are just hanging on in many cases.

Gee- a mortgage of 700k sounds to me like upper-middle class at the least. Sorry but I don't have much sympathy for someone who took out a $500k mortgage. Let them embrace homelessness for a while and then look back on their Palatial lifestyle and realize it was beyond their means.

In some parts of the country--notably California--housing prices are (or were) very high. In the Bay area, for example, an ordinary 3 bedroom for a large family could easily be that much and often is more. I think that's the kind of situation they're thinking of.

I, too, have never been able to even consider something close to that amount. My house was 85k, but it was in an area of the country where housing prices were low. It was in fact very adequate. I liked it. If I had gotten into trouble with my mortgage, though (which I didn't--my income to mortgage ratio was very low) it would be a godsend.

These incentives are not for those who have already lost their home,or if the current value of the home is less than the mortgage amount. Plus proof of income is required. They will? rewrite the paper so that the payments fall within 31% of the gross income.

Great deal for some, but not for all of those in need of assistance, I fear.

I'm extremely thankful for this. I've been unemployed for two months and the wife can only work part time so I will be making the call tomorrow to see what we can do. Crossing my fingers.

And where's the incentive for those of us who didn't over-extend our credit and have made payments faithfully the last, oh say, 10 years on our homes? No "atta boy" rewards by lowering the fixed interest rates for those homeowners by 1% to 2% for being responsible?

So what's the lesson here? If you've been a good citizen, the joke is on you? You should say "to hell with your mortgage company", let the payments slide and let your mortgage go into default so you too can qualify for this program and get your interest rate lowered???

reply to post by sos37


I can see why American children are so messed up- their leaders are totally insane and lack any oversight.

I hear people's relief and such but the shaft is once again falling on those who have obeyed all the rules. When I was in school learning about Communist Russia and asking myself "why work? why not just sit around waiting for the next gov handout?" That or revolt against the injustices of Communist dictators...hmmm....

reply to post by NateNute


No offense but why are you on ATS? Shouldn't you be job hunting or what not?

I think you are misinformed on a lot of the people that will take advantage of this. I was one of those "good citizens" who made payments on time and "obeying all of the rules." But guess what? Stuff happens in your life that you cant control. With the job market being the way it is, it's a hard to get a job...bottom line, this is going to save my home.

You honestly think I havent been looking? Lets use some common sense.

reply to post by Moonsouljah

but the shaft is once again falling on those who have obeyed all the rules

I hate to break it to you but this has been going on for quite a long time here in America. We help out other countries all the time, who do you think is paying for that? Who do you think pays for welfare, food stamps, free school lunches etc?

I personally don't have a problem with paying my taxes, and having them use that money to help people to keep their home. The less homeless children, and people in general, as far as I'm concerned, the better. If a few bums who are nothing but lazy end up getting lots of help, it's worth it as far as I'm concerned for all the millions of hard working Americans that won't be out on the streets, or cramming into house with relatives, or living in YMCA's, then yay...do it up!

Greed was what got us into this mess in the first place. Let the greed go, help out your felow man. The world would be a better place. I don't know why people can't see that they're just like the people who got us into this in the first place in some ways... greed, greed, greed...

reply to post by NateNute

I wish you the very best, brother.
May "the force" be with you.
The fat cats shouldn't be the only ones to get benefits from the stimulus. It's also meant for us average people who are down on their luck.

reply to post by Moonsouljah


500k may sound like alot, But in Southern Ca during the housing boom 500K only bought you a midsize home.

I know because I had to drive 60 miles away from any city to find a decent home for 300k in Southern Ca. I stayed here because of work, and still I drive 60 miles one way to work.

reply to post by sos37

I never missed a payment on my home, either. But "there but for the grace of God go I."

That's a dog in the manager attitude for you to take.