Why Mortgage Modification Plans Were Doomed to End Up in Foreclosure (again) »
Posted By altnrg 9 months, 2 weeks ago in News
The incoming administration of Barack Obama pointed to the foreclosure crisis as one of its priorities. But even with aggressive measures, why are there more homes being repossessed?
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jiants19869 months, 2 weeks ago
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I love how this article says that mortgage companies made people stretch to afford houses beyond their means. What a cop out. Somebody else made me buy that big house. I wanted the smaller one in the other neighborhood but they made me get this one instead. People need to stop blaming others for their own dumb decisions and accept responsibility. Are their some aggressive mortgage lenders, yeah, but nobody forces you to do anything you don't want to. It's pretty simple. Write down all the bills you pay monthly including food, clothes, etc. Subtract that from what you net each month. What you have left is the maximum that can be used to pay your mortgage, taxes, and ho ins and I wouldn't suggest using it all.
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alssquaw9 months, 2 weeks ago
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I find it hard to have sympathy for those whose homes are in foreclosure due to their own stupidity in buying homes way beyond their incomes. Obviously if you don't have the income to make the payments now, what makes you think that you will be in a better position in 3 or 5 years when those interest only loans come due. Banks never should have been allowed to make the "flexible loans" they made, but the homebuyer is ultimately responsible for they own actions. I hate to see my taxes going to help them out. I do however have some sympathy for those that are losing their homes due to divorces,illnesses or other circumstances beyond their control.
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patnpatc-799 months, 2 weeks ago
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If the banks did there job in the first place this would not have happened. You don't lend money to people that don't have it. Brokers and banks are sales people and alot of people don't understand the 40 or so papers thrown at them at a closing. Mortgages need to be simplified so that everyone knows whats going on. They tell you one thing and do another. I know because they tried to do it to me. I have no sympathy for banks or for people that bought mini mansions they couldn't afford. I feel sorry for the average persons who are losing there homes and the banks don't want to help. Unless you've been there, don't condem everyone.
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Wolfster9 months, 2 weeks ago
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Whether you think the irresponsible mortgagees should be bailed out or not (I emphatically do NOT), the fact is these houses are not worth nearly what is owed - in many cases they are worth half that. Even a dummy gets a clue to not throw money down a hole; that it's cheaper to just walk away and leave the money put in up to now.
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nostalgia9 months, 2 weeks ago
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That's the problem when you hand out "no money down" loans
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People have nothing invested in the home. It's like paying rent
They really don't lose anything by walking away
Look for new "cram down" provisions in the stimulus bill
It will allow bankrupcy judges to force banks to rewrite mortgages for "current" value not the original purchase price
So if the bank loaned the home owner $200,000 to purchase the house and it is now worth $150000, the new mortgage will be for $50,000 less than the original purchase price and the bank will lose $50,000
What do you think that will do to banks already in trouble?
You will see more bank bailouts and higher interest rates for people who now borrow
Some in Congress want the cram down provision inserted into the stimulus bill
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juliatanadyComment removed: Hard Banned
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