Schwarzenegger Tackles Foreclosure »
Posted By altnrg 1 year, 1 month ago in NewsCalifornia Governor Arnold Schwarzenegger has released a package of proposals to revise mortgage laws to help Californians stay away from foreclosure and to revitalize the state's economy.
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BronxBomberComment removed: Retracted by user
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jumpmaster1 year, 1 month ago
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Maybe a better plan would be to find more affordable housing for those who overextended themselves. They could move into apartments or rent a house until they are actually financially capable of buying a house. The lenders could also help them liquidate all of the unecessary material things that they have to help them pay off their debt.
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They may have to move out of their 3000 square foot houses into say, a 1400 square foot house, or something like that.-
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Ciera-Marie1 year, 1 month ago
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The last sentence of your comment right there says it all.
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Something to remember is all the pressure Real Estate Agents and Mortgage lenders put on buyers to buy more home than what they needed. Through in the contractors too.
When I was looking for a home in 2000 i qualified for a $92,000 mortgage. Starting homes in MN at that time were going for 129,000 and if you didn't make the offer when you saw something you liked right away it was gone later in the day. Often there were two to six others bidding on the same home. Add to that in some areas I was looking homes at that price were zoned for distriction. Also alot of them had 10,000 - 20,000 minimum remodeling done. IF it had a garage I had a broom closet for a kitchen. IF it had a small kitchen and a garage then it was in the 160,000-200,000 price range. I was told by my agent to take out a second mortgage to pay for the first and then take in renters. That sounded insane to me and I refused to do it. I also refused to give in to the pressure to buy more home than I needed. Wanted sure, needed heck no. Also at the same townhomes and condos were also going for crazy prices.
I'm glad I didn't buy then. The city of St. Paul and Ramsey County have getting a ton of calls from a new group of people needing help paying their mortgage. The new group is the real estate agents, some mortgage lenders (the flash in the pan get rich quick, sounds to good to be true ones) and contractors. They've never seen them in this situation before. This is the group I don't feel sorry for.
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ubecool851 year, 1 month ago
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a lot of folks are giving back their homes because they paid too much at the top of the market. If you paid $350k for your home and now the same house on your street is selling for $250k, your better off short selling and taking the hit on your credit. Lenders in the future will overlook forclosures like they do now with cell phone charge offs. Every body has one.
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ubecool851 year, 1 month ago
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by extending term to 40 years and deffering principal, the lender only makes more money in interest. Why not modify the 30 year mortgage so its not such a rip off and people can pay off a home in their life time. Its a horrible loan because you pay mostly intrest up front.
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ETproductions1 year, 1 month ago
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There does appear to be a pall of delaying the inevitable in all this. What we are really doing is transferring the homeowner's lack of funds to the mortgage banks, then using bailout money to transfer the bank's lack of funds to the national debt. This is ultimately the "Don't tax, just spend, borrow and bequeath" politics fathered by the Reagan Revolution coming home to roost.
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tehranchik1 year, 1 month ago
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I'd like to see the size of the loans shrink as well. Many of these homes are way overpriced because that's what the market would handle. Well the market isn't there any more. There should be a re-evaluation of these home loans before any foreclosure - not just more time to pay an overpriced mortgage.
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ETproductions1 year, 1 month ago
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I understand the logic. The problem is that would introduce a mamouth level of risk on banks making future loans, which would translate into far higher interest rates and a requirement for perhaps as much as half the selling price of the home as a down payment.
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tehranchik1 year, 1 month ago
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ET - don't the banks lose when a foreclosure happens? Don't they sell these properties at 1/2 of the loan value? The market in Las Vegas is a good example - houses bought for $350k are being foreclosed and being bought up at $160k. In this very specific time in the market, hoping we will never see this happen again, I think these loans should be treated specially. We are experiencing one of a kind disaster. It needs a one of a kind, time specific remedy. Keep people in their homes. That should really be the prime focus.
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dustbusterz1 year, 1 month ago
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[BronxBomber] states:::Even the rich gets their comeupance too. There is justice after all.
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I have this to say about that. When was the last time you gave up a large chunk of you money(or even a large chunk of your time) to any charity???
Those of you who put down the rich need to rethink your positions here. It is the rich who provide you with jobs. It is the rich who save thousands each year with their charitable donations ,both time and money. Take 1 look at Warren Buffett, or Bill Gates and you can see these guys do more in 1 week for the poor than you have done in your entire life.
Bill Gates and his wife have a Charitable organization of their own that help thousands each year, and it is gates who keeps some of New Yorks finest schools open and running with his donations. Warren Buffett gave most, if not all his Companies earnings to charity.
I may not have much money, But I don't hold the rich accountable for this, i know it was my own lifestyle that led me to where I am today. You know its your own lfestyle that led you to where you are today.You want more money,then do something about it. Get an education in a field that can lead you to higher earnings, and stop trying to keep up with the Joneses next door by buying a new ca every 3 years. Stop buying all those Flat panel T.V.'s you think you have to have . Learn to stay away from the credit cards and you'll have much more money . Learn the art of negotiation,so you can buy things for less, and give a bit of your time to helping the needy. It all comes back to you in the end .-
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Ciera-Marie1 year, 1 month ago
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I know BB and he does give of his time to those who have served our country. He does this every week and gets embarrassed when they thank him for giving back to them.
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There are many of us here who give our time and treasure to charity. I singled BB out because you mentioned him. Sorry BB didn't mean to embarrass you or put the spotlight on you. I don't always agree with (I hope it's you damnliberals) damnliberals but I think he also volunteers and gives of his time to the vets where he lives not just his church.
Something for you to remember is the old wealthy here in America don't like the new millionaires and billionaires. Buffet and Gates are the exception. (Gates wasn't exactly a choirboy on the climb to the top.) They're self made. They didn't get it handed to them like some have.
You don't know many of the people here. If you did you'd get off your soap box. I do. I know there are some here who may be wealthy. They don't brag about it. I've gotten to know alot of my friends, some members here that I don't agree with politically, some of the anchors and scouts and believe me they're not keeping up with the Jones'. A lot of us are going to school and working, some just working and a lot of us have cut back.
Stop judging.
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witchessolace1 year, 1 month ago
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yes there are those whom donate to those charities as you spoke of,however there are those whom meerly do it for the taxe benifets not out of the kindness of their hearts,or meerly to gain notarity,real charity come from those whom have little to nothing an are aware what it truely to have a need,so the next time youfeel that the rich are the underdog ask them when was the last time they went without a meal for hours
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witchessolace1 year, 1 month ago
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yes there are those whom donate to those charities as you spoke of,however there are those whom meerly do it for the taxe benifets not out of the kindness of their hearts,or meerly to gain notarity,real charity come from those whom have little to nothing an are aware what it truely to have a need,so the next time youfeel that the rich are the underdog ask them when was the last time they went without a meal for hours
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