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Started By
Message
Bailout program for Distressed Homeowners finally here
Posted on 11/8/08 at 11:12 am
Posted on 11/8/08 at 11:12 am
Just wanted to let everyone know that there is finally help for distressed homeowners who are:
1. Facing Foreclosure
2. Upside down on the value of their home
3. Interest Rate has adjusted
4. Interest Rate is about to adjust
5. Household has experienced a hardship
If you know someone who may need help the program is now available let me know and I can get them some information.
LSU 44 Alabama 0 geaux tigers!!
1. Facing Foreclosure
2. Upside down on the value of their home
3. Interest Rate has adjusted
4. Interest Rate is about to adjust
5. Household has experienced a hardship
If you know someone who may need help the program is now available let me know and I can get them some information.
LSU 44 Alabama 0 geaux tigers!!
3
Posted on 11/8/08 at 11:27 am to lpsster
I am not a distressed homeowner, but it seems only fair that I should get to benefit from the bailout. I mean, I was responsible and did not take on a mortgage I could not afford. There is no reason why I, via tax dollars, should have to pay for the mortgage of someone who was not responsible in addition to my own. How do I get my mortgage paid for by my fellow taxpayers?
Posted on 11/8/08 at 11:34 am to Nicodemus
There is no easy answer to this, myself like you did the responsible thing and took the responsible mortgage. This bailout however will affect you if your neighbors made bad choices when they mortgaged their home, if they lose it to foreclosure you will see a dramatic drop in the value of your home. So in a sense this bailout is for you too--. Kinda sucks, but then it kinda doesn't if your asset's value is protected--
Posted on 11/8/08 at 11:42 am to lpsster
I have 2 responses to that. First, I have no intention of selling any time soon, and I do not believe the long-term value of my home is in danger. Second, if the government would stay out of it and let the free market do what it is intended to, then I can have a great opportunity to purchase foreclosed homes at a very cheap price.
Posted on 11/8/08 at 12:11 pm to lpsster
My house is currently worth something like $160k. I owe $100k and I have a fixed rate 30 year loan that I have no problem making the payments on.
Am I eligible for help if I can find a way to do $61k worth of damage to my home?
Thanks.
Am I eligible for help if I can find a way to do $61k worth of damage to my home?
Thanks.
Posted on 11/8/08 at 12:12 pm to lpsster
quote:
There is no easy answer to this, myself like you did the responsible thing and took the responsible mortgage. This bailout however will affect you if your neighbors made bad choices when they mortgaged their home, if they lose it to foreclosure you will see a dramatic drop in the value of your home. So in a sense this bailout is for you too--. Kinda sucks, but then it kinda doesn't if your asset's value is protected--
No, there is an easy answer to it. It's called foreclose and let the market return to sustainable equilibrium. If a bunch of foreclosures around me force the price of my house down, then guess what? IT WAS WORTH TOO MUCH TO BEGIN WITH.
Propping up overvalued assets == bad. EVERY SINGLE TIME.
Posted on 11/9/08 at 11:29 pm to lpsster
I would like info on the program.
I did everything right until Katrina came, closed my place of employment, put my kid in the hospital for 4 months and sent my family on a 2 year medical odyssey.
On top of that, I fricked up and made some bad decisions regarding going into business for myself that have almost been the final nail in the financial coffin, but that may be turning around for me now.
So, not all that need the bailout need it because of quasi-fraudulent decision making.
But, I'm glad enough people did that maybe I can ride the coattails of the bailout and keep my home!
I did everything right until Katrina came, closed my place of employment, put my kid in the hospital for 4 months and sent my family on a 2 year medical odyssey.
On top of that, I fricked up and made some bad decisions regarding going into business for myself that have almost been the final nail in the financial coffin, but that may be turning around for me now.
So, not all that need the bailout need it because of quasi-fraudulent decision making.
But, I'm glad enough people did that maybe I can ride the coattails of the bailout and keep my home!
This post was edited on 11/9/08 at 11:30 pm
Posted on 11/9/08 at 11:38 pm to Nicodemus
frick this shite. I should get a bailout because I did the right thing. I have to pay for somebody else's home value? WTF is that?
Don't give me the argument about dropping home values. Look at my mortgage payment thread to see why.
Don't give me the argument about dropping home values. Look at my mortgage payment thread to see why.
Posted on 11/10/08 at 10:03 am to Meauxjeaux
quote:
On top of that, I fricked up and made some bad decisions regarding going into business for myself that have almost been the final nail in the financial coffin, but that may be turning around for me now.
I'm sorry to hear about your kid, and hope everything works out (or is working out) for you and your family.
That being said, if your "bad" business decisions, had not been so, and your business had taken off as you hoped, would you be happy turning over all the profits?
That's sort of the flip side of being "bailed out" here.
Posted on 11/10/08 at 12:12 pm to Y.A. Tittle
Does this bailout only effect people who were greedy in a certain time period? I currently live in a home that I can afford, but would like to upgrade to something I can barely afford. If I buy a nice, new house right now, will I have the same protections as these other greedy buyers?
Posted on 11/10/08 at 12:22 pm to lpsster
quote:
if they lose it to foreclosure you will see a dramatic drop in the value of your home. So in a sense this bailout is for you too--. Kinda sucks, but then it kinda doesn't if your asset's value is protected--
Yes bail me out by trying to keep an inflated asset bubble afloat... with my tax dollars. Yes, that is the ticket
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