Stop Blaming, Help Owners of Foreclosed Homes »
Posted By altnrg 9 months, 1 week ago in NewsIt is time for government officials and critics to stop blaming various groups for the foreclosure crisis. It is time for supporting Obama’s program to enable it to help Americans save their dwellings from becoming foreclosed homes.
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CHAM9 months, 1 week ago
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altnrg, there is one supreme example of not helping the homeowner. Last year around May, there was an allocation of $300 Billion to help 400,000 homeowners save their mortgages.
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I thought man that's $750,000 per saved mortgage if 400,000 are saved, a very obscene price even if that many homes are saved. The last time I checked on this there had been 29 mortgages saved. That last check was two weeks ago. -
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tehranchik9 months, 1 week ago
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I blame greed. Once the papers were signed and the buyers walked out the door - do you think anyone in the approval process cared whether the buyers would be able to make their payments? Hell no! They got their money and that was all that mattered. They didn't do their job. Their job is to approve people for house that they can afford.
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Sageparadox9 months, 1 week ago
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The American Dream or the American Trap?
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I graduated high school. What do I do?
Go to College. You probally cant afford it. That what Fed. Student Loans are for. It's no big deal you will get a good job and pay it off.
Ok, I graduated from college and got a good job. Whats next?
Finance for a nice car so you can find a nice girl and get married.
Ok, got the car and the girl. What's next?
Finance a house and have a few children in it. You will have the American Dream.
few years down the road....
Ive been laid off for 6 months because my employer outsourced overseas, I got two hungry children with a pregnant wife, the car has been repoed, and they are about to forclose on my house. Can you help me please.
Sorry but I am a republican. It is your own fault that you were foolish enough to have more than what you could afford, but if you want to blame it on Obama, I can help you there.
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GehlLady9 months, 1 week ago
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I heard one of the talking heads say about the recovery of the economy that he thought it will start in housing and then the jobs........and went on talking from there. I didn't think I heard him right, I hit rewind. Yep, that's what he said.
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How are we supposed to hold on to our homes without JOBS? Not just 'energy' jobs, not just medical, not just research or teachers, unless there is a massive retraining program for those of us that are in the trades, factories, and the warehouses.
Many of us need to be outside, constructing, creating, building. Office, 'inside' jobs are misery. -
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lloydm659 months, 1 week ago
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I was going to take my house pymt.,and run up to choctaw,and do a little gambling.You know have a little fun.After all the increase in my equity over a day,or so would protect me in case of a loss.Just to be on the safe side I call the bank,and told them my plan.They said I could expect no bailout,as this would be considered bad behavior.The bailout would only cover those who bought houses that they knew they couldn't pay for,thinking of a twenty,or thirty % increase in value for years to come.I was branded a gambler,the others were considered underprivileged,downtrodden citizens trying to catch a break.
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reallypsst9 months, 1 week ago
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All this bail out money had just one purpose,to keep the rich bankers in control.With the billions spent replenishing these thieves the government could have opened a new bank that just dealt with home owners,we could have been buying up the bad loans and at the same time be helping the people who are in trouble not the wealthy.This is all a scam of extreme magnitude,and the people are getting the short end of stick !
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PsychoHosebeastComment removed: Spammer, Abusive
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THOMNH629 months, 1 week ago
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**** off, no one bailed me out in the late 80s when the same thing happened and the bottom dropped out of the market. It took almost 8 years to get back to where I could sell for a profit. If you were dumb enough to borrow 125%+ of the value of your home your an idiot. I refinanced 2 yrs ago and was offered a deal by Countrywide to borrow 300K when my loan was 185K. All I wanted to do was get a better rate no cash out. They would not do the loan unless I added all my debt and financed the house at over 125% of value, when I asked the loan officer if he would sell this to his mother he didn't know what to say. Ignorance is not an excuse.
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Justice4All9 months, 1 week ago
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I know how you feel. I had problems in the early 80's and we never even thought about asking the government for help. Maybe because we knew they wouldn't help. But we got through it and paid all our bills.
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Now it seems that people in trouble are wanting me to bail them out with my tax dollars. Why should I help someone live in a house that I couldn't afford for myself?
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aceofspades19 months, 1 week ago
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Don't have too much sympathy for those in trouble because they over financed or over bought their home. Unfortunately life happens & sometimes you get into financial difficulties.
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Ive been down that road before myself - I've been in pre-foreclosure proceedings , but I had an FHA insured loan & they always had programs to work out mortgages in default. Luckily, I was able to resolve my problems on my own.
It's the fools that bought homes they couldn't afford esp. those with interest only payments in the hope that the real estate bubble would go on forever & they could sell at a profit -- Gimme a break why do I have to bail em out?
BTW - FHA mortgages carried an extra 1% to cover the cost of insurance precisely to be used to make payment plans & to cover lender's default losses. -
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aceofspades19 months, 1 week ago
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The house next door to me was foreclosed last year & is still vacant - It was valued at about $400,000 then - Know how much was owed?? - $500,000 - the guy had refinanced & took equity loans & whatever was available.
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Now he drives a new car, bought a house for cash all from the proceeds from the forclosed house
I know this is an extreme case, but are these the guys my $$$ gotta bailout?? - NO WAY -
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fairfox9 months, 1 week ago
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I agree the people need help and that some were duped into taking loans they knew they couldn't afford; however, I don't think I should have to pay for a mansion I don't live in. I chose a house which was within my means even though it is very small. If loans could accommodate the people who initiated them by giving longer length of payout or by reducing rates on the existing loans, that would be appropriate for all involved. Most people who choose to live in expensives houses also are smart enough to know what they can afford and what they can't. This idea of "creative banking" is a farce which exists only in the mind of the greedy and the gradiose.
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GehlLady9 months, 1 week ago
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The only bailout I want is for the job market to drastically improve. I'm in deep trouble even though I got a fixed rate mortgage in 1988. We had two incomes, one with regular overtime, and qualified for much more than we signed for. We figured in only one income, with no overtime.
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As aceofspades said, life happens, a divorce 9 years later (he refused to take the house), a life changing car accident, and now construction has tanked.
Just somebody fix the dam job situation!
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