Who won't be helped by housing fix

somdrenter

Sorry, I'm not Patch...
The jobless and many of those who owe far more than home is worth won't benefit much from Obama's foreclosure prevention plan.

Take Joe Martinez of Bristow, Va., who fits the profile of the "responsible" homeowner Obama cited in the plan. The government contractor and his wife thought they did everything right when they bought their brand new $600,000 house two years ago. They put 5% down and got a 30-year fixed-rate mortgage they could afford.

Others in their neighborhood, however, couldn't keep up with the payments. As foreclosure rose, the value of the couple's home plummeted to $450,000, leaving them doubtful they'd ever recover their investment.

Martinez called their lender to try to get into the Hope for Homeowners program, which would reduce their loan balance to 90% of the home's current value. But they were turned down because they weren't in default.

So two months ago, the couple stopped paying their mortgage, hoping they could then qualify. But even if they don't, they are willing to take the hit on their credit scores to stop throwing money down the drain.

"There's just no point to stay here," said Martinez, 29, adding he could rent the house across the street for half his monthly mortgage payment. "We don't want to give up our home, but it's never going to come back."
Foreclosure fix: Who won't get help - Feb. 20, 2009
 

aps45819

24/7 Single Dad
Why wouldn't they? I don't agree with it but if I were in the same boat- just being honest- I am not sure if I would be sending in payment either..

I'd quit paying knowing it would take them 6-8 months to kick me out, which would bring us to Christmas time again and I would get another moratorium on foreclosures so really would be 12-14 months until I had to move.

Craigslist every thing in the house Jan/2010, that $$ along with the $$ I save not paying my mortgage would pay my rent until The Great One comes up with a plan where forecloses don't hurt your credit to get markets moving again. I would be about $450K above the "suckers" paying the nut on their $600K house in the article.

Again- not that I agree with it but just another point of view. If they keep making it where it is more attractive and easier to walk away that is what people are going to do...

My plan would garnish their wages for what they owe- forever if need be. If they have to rent from someone who owns their old house that was financially responsible for the rest of their lives than so be it. Make the bed they way you want to lay in it.
I really hope you die
 

Pete

Repete
You mean all these folks really only want these homes if they're going to make them money, and if not, they're going to walk away even if they can pay the mortgage?

:confused:
This is what torques me off. These people bought a house, signed on the dotted line and then when it did not suit them they stopped paying even though they could afford the payments?

I have no respect at all for this doosh. I hope he ends up living in a Maytag Washer box under an overpass.
 

somdrenter

Sorry, I'm not Patch...
Why wouldn't they? I don't agree with it but if I were in the same boat- just being honest- I am not sure if I would be sending in payment either..

I'd quit paying knowing it would take them 6-8 months to kick me out, which would bring us to Christmas time again and I would get another moratorium on foreclosures so really would be 12-14 months until I had to move.

Craigslist every thing in the house Jan/2010, that $$ along with the $$ I save not paying my mortgage would pay my rent until The Great One comes up with a plan where forecloses don't hurt your credit to get markets moving again. I would be about $450K above the "suckers" paying the nut on their $600K house in the article.

Again- not that I agree with it but just another point of view. If they keep making it where it is more attractive and easier to walk away that is what people are going to do...
Exactly. The government has created the financial incentive not to pay your mortgage. You can talk morality all day long, and it looks like everyone is in agreement on this, but to look at it as strictly economic, it makes perfect sense.

Thing is……what happens when the next bubble rears its head? Hey….I’ve learned my lesson, no need to be financially responsible, the government will bail me out!
…Moral Hazard…
 

PrepH4U

New Member
Thanks!



So if you hope I die- you must be FOR them being able to live beyond their means on tax payer dollars?

I sold my house in 2006 and lived in a RV to wait out the market crash. You think I am happy with the bailouts???? HELL NO!! It is no joy having my living room doubles as my family room which doubles as my dining room which doubles as my laundry room which....
I'm all for letting them be kicked out on the street!!! If they were all homeless I could careless.

I know it's rough all over! My downstairs bathroom has to double as a mud room, clean hand station, dog feeding station and a nurses station. :killingme
 

cattitude

My Sweetest Boy
I know it's rough all over! My downstairs bathroom has to double as a mud room, clean hand station, dog feeding station and a nurses station. :killingme
Sheesh..that's nothing. My bedroom is not only my bedroom but my dogs' bedroom, kitty grooming station, after hours kitty trampoline for the younger kitties, daytime lounging area for boy kitties, laundry folding area, after 9 p.m. television room......
 

onebdzee

off the shelf
Sheesh..that's nothing. My bedroom is not only my bedroom but my dogs' bedroom, kitty grooming station, after hours kitty trampoline for the younger kitties, daytime lounging area for boy kitties, laundry folding area, after 9 p.m. television room......
I didn't realize you had it so bad :huggy:

If it will help you out, I will take one otter off your hands :biggrin:
 

PrepH4U

New Member
Sheesh..that's nothing. My bedroom is not only my bedroom but my dogs' bedroom, kitty grooming station, after hours kitty trampoline for the younger kitties, daytime lounging area for boy kitties, laundry folding area, after 9 p.m. television room......
I am so sorry :huggy: :lol:
 
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