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Posted on 07/07/2011 8:59:22 AM PDT by george76
I know at least one family who got into trouble with one of these gov’t programs. They approached the bank about the gov’t program, the bank gave them a reduced amount to pay until they finished the paperwork, this took months, then the family was told they didn’t qualify, so come up with a huge sum from fees, interest, and penalties for late payments, or we’ll foreclose.
Last I heard the house was in foreclosure.
meanwhile property taxes and property insurance are both going up so house payments are going up too while wages and employment are going down. My house payment just went up $60 a month because of the tornadoes down south (supposedly) and because the dumba55 voters in my county voted for a tax increase. when will this end? How long until my original $600/month payment is $700/month? 800/month$ $1000/month?
I understand the sentiment, and I don't necessarily have a better plan to put forward that would create short-term benefit.
However, it needs to be said that the Socialists have created a broken economic and political system. That's why we are in the mess we are in. And the solution? Why of course! The solution is more Socialism!!! People are suffering! Send them a check! Or pay their mortgage! or forgive their debts! We've got to do something!!
What else can you do?
Well, the real solution is to accept the fact that there is no soft way out of this, and accept the fact that pain and suffering is inevitable. The real solution is harsh, and involves some people being very, very poor, and losing their houses, and having ruined lives.
That's not what I WANT -- but it is the only solution, other than a more emphatic embrace of Socialism. And I would argue that Socialism inevitably results in the pain and suffering, so you cannot avoid my "pain and suffering" scenario by choosing Socialism instead of pain and suffering.
>I would assume it’s spread pretty evenly.
BAHWAHhahahaha, choke, snort. Ah yes, the Audacity of Hope indeed. - and in mortgage...
Here's an idea. Let's adhere to the founding document in this country. It's called the Constitution of the United States of America.
I just looked, and I can't seem to find a "jobless mortgage relief" clause entitling the federal government to take my money and give it to those who don't work for whatever reason. I know that sometimes bad luck has a way of finding everybody.
The Founders of this once-great union of states knew this, too, and knew human nature better than nearly everyone today. Because of this, they knew that people, when their risks are backstopped by someone else, engage in riskier behaviors, like buying above their means, not saving money for a rainy day, and not working hard enough at their education and training to get a good job or carve out a profitable niche for themselves. Therefore, they intentionally omitted a "help out the unfortunate" clause in the Constitution. They knew that people would be better off in the long run if they knew there was a very weak (or non-existent) safety net, and designed the Constitution accordingly.
The best way for people to get back to work is to reduce the multi-year unemployment benefits, welfare, subsidized housing, food stamps, free education, free phones, and free cars with free AAA, insurance and repairs.
Kick the illegals out of the country and there will be a lot of jobs available. Nobody will take them as long as they're getting a free ride on the gravy train.
Don’t be surprised if there’s a mandate there to have all late fees, penalties, and interest waived for that one year period.
And we mocked her for being stupid. I guess we know who the really stupid ones are now. That would be us.
WOW, Bread and Circuses. Going on my FB. Thanks.
Bear in mind; that the concept of 40 acres of land, a mule and ‘be-holden to no man’ was the way life was back then. Simply stated, this basic concept is no longer valid, in today’s world. You cannot set up camp on the range, and live off the land - ANYWHERE in the USA. Go ahead, drive, walk or crawl into the middle of no-where; build a cabin, hunt a couple deer and see what happens.
We are more populated, we have a standing army, we have created a whole class of parasites (non-taxpaying citizens and illegal aliens) who are ‘entitled’ to food, shelter, clothing, transportation, medical care that his higher than what many ‘producers’ can afford to buy for themselves.
When these people bought their house, a vast majority of them underwent a financial probe into their credit history, their foreseeable ability to repay the loan, their past employment history, their salary history - all based upon the best data available. Unfortunately, we cannot see the future as well as we can see the past.
Now, we have upper-middle class people who lost jobs they held for decades; the jobs are simply GONE. They applied and were approved for loans, based upon years, decades or a lifetime of good decisions. Zero gave the banks BILLION$ of taxpayer dollars - which the banks transferred overseas, rather than use that money to the purpose for which it was entrusted.
Now, we have families that are earning 50% or less of what they were earning just 3 years ago. They have no savings - what they had was invested in getting them into their ‘dream’ home; or if not consumed in getting them into their home, has been since consumed in trying to work with the bank to keep their homes. Bottom line - as long as you are current on your house payment; the bank has no interest at all in working with you on your mortgage. When you are late, the bank uses the excuse that your late payment disqualifies you from financial assistance. It’s predatory. The bank thought that if they foreclose today, they can re-coup the loss when they take possession of your home. The mistake they made was mis-judging the scope of the foreclosures. When you have a surplus of homes on the market - the prices plummet. A house that was foreclosed on for $500K last year can easily be had for $300K today. I’m seeing homes in my area that were selling for the $600-750K range just 3 years ago; sitting empty with a sign on the front advertizing them for $325K. It’s only going to get worse.
So they are going to dump this time bomb on the next president in 2013?
If Clinton can raise taxes retroactively, the next president can issue a retraction of this immediately and retroactively.
We are going to take the blame anyway, so let’s do the responsible thing.
If, while current, you convince the bank you’re serious about walking away next month if it can’t write you a break, they will probably give you that break. Especially if they can see copious signs of trouble like credit card and utility dings. Now of course a plotting dead beat could do the same thing while secretly sitting on a stash of cash.
If they can do this for homes then why not extend it car loans.
At least with a home the owner has a chance of appreciation on the asset and maybe some profit.
A car, however, is a declining asset both in terms of capital depreciation and continued costs for maintenance or Cost of Ownership.
The net present value will continue downward but if the cost of servicing the debt remains the same....
Blah, blah, blah....
Kommie Bastuhds.
Land of the Freeloaders. Home of the Depraved.
Buy Now, No Payment till November 7, 2012...
But now that wealth is funneling down to certain segments of the population. I guess it’s all going according to plan. Maybe every homeowner in America should just stop making their mortgage payments for 180 days. That way, the funneling of wealth gets equally spread.
Make a photocopy of your union card...send to bank or mortgage company and you’re good to go.
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