The Washington Independent - Latest Comments in Finally, a Bailout for Homeowners?

Re: Finally, a Bailout for Homeowners?

loanmodificationzoom — Mon, 29 Jun 2009 02:40:59 -0000

Modifications are becoming a little easier now for homeowners since Obama's Home Affordability and Stability Plan (HASP). Whether or not it will achieve the goal of helping 8-9 million homeowners remains to be seen...

Re: Finally, a Bailout for Homeowners?

fedup — Sat, 13 Jun 2009 08:26:49 -0000

With all that said apparently it is up to your mortgage company to assist you in this process. Recently I lost my job and went the route of restructuring out loan but after 4 months of waiting on the mortgage company (GMAC) and Freddie Mac to make a decision finally they came back and said that the financial paperwork on there site was revised and we had to fill out another financial report again “so we did”. After not hearing from GMAC & Freddie Mac we called them back and they told us that they need for us to do this for a third time “so what's up with that”? At this point I am starting to believe that this is a stall tactic so they can foreclose on our home and pocket the equity that we built up over the years. I also believe that THE "not our" GOVERNMENT is offering a helping hand but every time we reach for it someone pulls it back.
So if you are getting the same old run around and are at the point were foreclosure is at your front door do this, call up a wrecking company and have them level the part of your house that you have your equity in. This work's best if you start at the foundation.

Re: Finally, a Bailout for Homeowners?

MMC chiptuning — Tue, 05 May 2009 04:13:31 -0000

I am glad that finally there is something that all Counselors, agencies and lenders are all getting better at doing and that loan amount is getting reduced. - There is still a way to go!

Re: Finally, a Bailout for Homeowners?

NONE YA BUZINEZZ TEEHEE — Fri, 06 Feb 2009 19:08:34 -0000

BR aka Chriatopher Whalen, do u have a life? dude... who cares if ur a investment banker.
ur lame ;D u think all cuz u make a lot of money u can talk down 2 us liltle people... DUDE>.>

u need a life cuz u are probably a middle age dude sitting at the computer playin World of Warcraft of some stupid, immature, pointless game to chat to your nerdy buddies. So there :P . And u know what, u shouldn't even be on this site cuz u prob. some rich, snobby person and your home or house may not even be up for sale, foreclosure SO THERE... AGAIN *_*

Re: Finally, a Bailout for Homeowners?

Amber G. — Fri, 06 Feb 2009 18:55:16 -0000

If lenders and mortgage companies were smart instead of foreclosing on someones house, they should discuss with the homeowner and see what reasonable payment they can make every month. If it's $900.00 or $1,000.00 a month for the next 5 years or 30 years. This is common sense it would be a steady income for the lender. Also, the people that are suppose to be running our states need to make sure that if a big company needs to be bailed out it needs to be researched closely. Companies should not get bailed out for giving their employees a company paid vacation.

Re: Finally, a Bailout for Homeowners?

Loan Modification — Tue, 20 Jan 2009 03:28:06 -0000

Loan modifications have never been particularly popular with the lending industry. Some believe even government guarantees won’t change that. - Yes you are right about that.

Re: Finally, a Bailout for Homeowners?

BR — Tue, 06 Jan 2009 17:03:37 -0000

"Christopher Whalen, an investment banker and research analyst ...it’s time to get the foreclosure over with and get that property back on the market, as a first step toward stemming falling home values."

How, exactly, is this the best course of action? The house will then be on the market appraised for the same reduced value as could have been offered to the homeowner if a modification had been pursued.

I.e. say my circumstances are such that I can't afford a loan for $300K but the current appraised value is $200K which I can afford. If the Mr. Potter's of the world skip to the chase and foreclose, the lender would then be trying to sell the house in an already flooded market for the same $200K.

There are a whole lot more stories in the housing debachle other than the subprimes. Between health issues and a new baby my wife hasn't worked in 3 years. We tried to sell just before this whole thing started and we watched our asking price follow the market down...trailing just behind. We went from hoping to come away with a modest down on something much smaller, to hoping we could break even, to being deeply indebted to family for the past year which will shortly run out.

I have similar urges like 'mad and angry' below but intentionally defaulting is a bad decision...like the ones that led people into the subprime web in the first place. I have to believe the system will open to those like me who have tried desperatly to be responsible. I just hope it happens in time.

Re: Finally, a Bailout for Homeowners?

matt — Mon, 05 Jan 2009 01:18:23 -0000

I don't know much about how economics or anything like that works, but I do know that I am 4 mos. behind in my house pmt.( I bought the house when things were going good for me, now everythings been going really bad for the past 2 yrs.), I would think that instead of the government giving away money to huge corporations, just to make it not hurt so much WHEN they foreclose, wouldn't it be better to pay someones mortgage payments to get them up to date, then the homeowner keeps their house, and the lender gets their money? Maybe the government could pay half due and give lender the other half in tax credits?

I understand that alot of people have fallen on hard times, but if everyone looses their homes, then what? Isn't rent usually more than a mortgage? how many are going to be homeless?(then who pays?).
I know im getting sick of no heat in my house(couldn't pay gas bill), and sick of electric shut-off notices every few weeks.

Re: Finally, a Bailout for Homeowners?

Kevin — Fri, 31 Oct 2008 22:24:35 -0000

This mortgage bailout is going to come with a corresponding tax credit for renters, right?

Re: Finally, a Bailout for Homeowners?

mad and angry — Fri, 31 Oct 2008 18:14:40 -0000

For the prudent and responsnible .. my advice is to STOP PAYING YOUR MORTGAGE NOW ... the only hope for survial in the usa is to "game the system" just like all these overextended and irresponsible "homeowners" did and will now get YOUR tax dollars to live in their mcmansion. If you can't beat them then join them!!

After you have been foreclosed upon, your house (and lots like it if your friends and neighbors do likewise) will drop dramatically in price. Presto! In a year or two you will be able to buy it back at half what you paid for it in 2004 or 2005. Now that's a bargain.

So give the government and the banks back what they're trying to give to you - a royal screw job.

After all, they intend to give your neighbor who behaved imprudently a bailout, and if you were prudent, unless you suddenly become imprudent, you're going to get screwed in the form of being taxed to buy his home for him:

"The program, which might help several million homeowners refinance into affordable loans, would require lenders to restructure mortgages based on a borrower's ability to repay. Under one option, the industry would keep lower monthly payments for five years before raising interest rates, the people said. "

Got that?

If your next door neighbor lied about their income to get their house, or took out an exotic "Option ARM" mortgage and can't afford their payments, they will get a big fat bailout.

You will, in fact, get his mortgage bill.

Unless you intentionally default, in which case you will still get to pay taxes, but you won't pay your mortgage, and thus, you won't pay twice.