Housing Rescue Plan: For Some or For All?
Vague reports about the Obama administration’s plan in the works to help people in danger of losing their houses are starting to surface. Whether it ends up with the government subsidizing monthly payments or modifying the loans themselves, the big question, it seems to us, is whether the ultimate solution should address only those in…
Vague reports about the Obama administration’s plan in the works to help people in danger of losing their houses are starting to surface. Whether it ends up with the government subsidizing monthly payments or modifying the loans themselves, the big question, it seems to us, is whether the ultimate solution should address only those in immediate trouble or be an across-the-board relief measure. On the one hand, even if you’ve been playing by the rules and aren’t directly benefiting from a homeowner bailout, it’s still in the interest of your own property value to see fewer foreclosures and empty houses in your neighborhood; on the other hand, why should only the irresponsible and the unlucky get hand-outs? Tough stuff.
Wow Benson, I’m in total agreement with you!
However, If they were upside down in their homes even if they sell they may not have anything left to relocate their family.
Maybe the government should use that money to help families that are being foreclosed on downsize to smaller, less expensive foreclosed homes within that persons means or if that isn’t an option, a rental property.
Something like a foreclosure property repository where they assist you in downgrading?
All PR. Lemme see, so the goal is to make financially strapped people serve longer prison terms of debt? Lol
How is helping someone buy a home with low mortgage rates different than helping someone get out of bad loan by allowing the loan to be modified? Rates are incredibly low as it is – and if an extra point off a mortgage is the difference maker for a person deciding to buy a home or not, that person shouldn’t be buying a home. People are losing their jobs left and right, and its getting worse – the buyers out there are vanishing.
Shocking new photo of The What wearing his favorite hat: http://soccerlens.com/wp-content/uploads/2007/09/asshat.jpg
ringo- that’s not a real comparison. You don’t buy a BMW as an investment for the future or for financial stability. You buy a BMW for conceit. You’re also going on the assumption that all of these people were buying McMansions or top of the line designer homes in gated enclaves. How about we not make assumptions- I’m willing to bet the majority of people who bought homes were going for the Fords and Chevies, not the BMWs.
“Oh no Retard I have the right one baby!”
LOL.
***Bid half off peak comps***
I am willing to bet that 98% of the people who’ve been foreclosed on have never been behind the wheel of a BMW in their life. These are not Wall-Streeters who lost their job — most of those folks haven’t been foreclosed on yet, even if it’s going to happen at all. You’re mostly talking about, like, Florida secretaries who bought a home for $200k when they could only truly afford one for $150k, and similar.
This is why the foreclosure rate in Bed Stuy is more than 10x what it is in Brooklyn Heights.
Blame these guys
http://www.time.com/time/specials/packages/article/0,28804,1877351_1877350,00.html
We can’t keep people in their homes as renters because it’s TOO HARD FOR THIS GOVERNMENT! This is how TARP monies get lost. Too confusing.
Hey, I feel for people in this situation. People were hoodwinked. But there is some point where you have to take control of your life.
You buy a BMW because those ads were so misleading! They made it seem like that was the answer to a happy life! The American dream! And terms of the lease were confusing and I didn’t understand it and just signed it anyway because the guy said I could have it in any color. Wah!
Now, is the question, How do I keep this BMW? It is not. Sell it. Get out from under it. And then — don’t go out and lease another at better terms! Take the bus. Save. A little money in your retirement account every month. A little into the 529s Then, in time, buy yourself a nice used car that you can afford. Really afford.
The one thing we can do is help find buyers for the people who need to sell. Really low mortgage rates will bring people in. People are ready to come in, they just don’t think the bottom is here yet (and they’re probably right). Government could easily help get things moving with super low rates. But instead we want to help people keep these damn BMWs. Argh!