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Obama gonna pay my mortgage

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nick1985 said:
So if I sold you a car and you couldn't afford the payments, I should take the loss? Funny world you live in
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If you sold a car to a guy without checking if he had any job or income, you deserve the loss.

The other poster was right, banks face WAY more than a 10% hit if they foreclose. Sure it might not seem "fair", but what's going to happen to your home value when a bunch of houses on your block are sitting vacant? We have a bank-owned house on our block, and I'm sure it isn't helping us any.
 
I've made every payment on time and have no idea if my house is worth less than the mortgage amount. With that being said, if this is being offered, only a fool would ignore how it might benefit them. I'm going to have to take advantage if I qualify otherwise I would be an idiot.

**EDIT** Unless I misunderstood the article, which is posible, this is not talking about people who are behind on their payments. It is just referring to people whose mortgage amount is higher than the property is worth. There is a big difference.
 
Binarycow said:
So how do I apply for it?

Like the saying goes: if you can't beat them, join them.





Disclaimer: I'm a responsible homeowner who followed all the rules. I put my 20% down and financed my house for 15 years by working my butt off and saving every penny for years.
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do you have kids?
 
nick1985 said:
Both parties, which is why I'm confused as to why one party is rewarded and the other is punished.
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One party is punished because they were the enabler of the other retarded party. I agree both are to blame, but one does get more blame in my opinion.

Dont sell loans to retards and retarded things wont happen 🙂
 
Fingolfin269 said:
I've made every payment on time and have no idea if my house is worth less than the mortgage amount. With that being said, if this is being offered, only a fool would ignore how it might benefit them. I'm going to have to take advantage if I qualify otherwise I would be an idiot.

**EDIT** Unless I misunderstood the article, which is posible, this is not talking about people who are behind on their payments. It is just referring to people whose mortgage amount is higher than the property is worth. There is a big difference.
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That's my understanding as well. If you are indeed underwater on your mortgage you'd be a fool to NOT take advantage of this. It's free money, a whole hell of a lot of it, AND you get to refinance at these historic rates.

Take a home bought for 600K that is worth 490 now. You get to refinance AND not pay back 60 thousand dollars your borrowed PLUS all the associated interest you were paying on this. That's a whole shitload of free money.
 
Its just laughable. The housing problem goes way beyond good payers and those who bought within their means. Much of this problem is how to stabilize home values where employment was hit hard. This false idea that the housing market problems just came from people buying homes they couldn't afford is a lie.
 
spidey07 said:
That's my understanding as well. If you are indeed underwater on your mortgage you'd be a fool to NOT take advantage of this. It's free money, a whole hell of a lot of it, AND you get to refinance at these historic rates.

Take a home bought for 600K that is worth 490 now. You get to refinance AND not pay back 60 thousand dollars your borrowed PLUS all the associated interest you were paying on this. That's a whole shitload of free money.
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Exactly. I don't necessarily agree with the policy but hey, if my neighbors are doing it then I'd be an idiot to sit there and point the finger at them for not seeing this coming before they signed the dotted line. At the end of the day they'd be cashing a check and I'd have a tired finger.

To be honest I'm lucky. I'm sure my property dropped in value by some amount but I bought a condo that was very well within my means, some would say below my means, and the great thing about losing a % of your home's value is that if it isn't worth much to begin with then you don't have much to lose. I'd bet if I sold today I could come close to breaking even over the amount of time I've lived here which would basically equate to renting. A lot of people are in much much worse shape so I'm very thankful for being frugal when I bought this place a few years ago as the lender was trying to convince me I could afford more.
 
classy said:
Its just laughable. The housing problem goes way beyond good payers and those who bought within their means. Much of this problem is how to stabilize home values where employment was hit hard. This false idea that the housing market problems just came from people buying homes they couldn't afford is a lie.
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exactly.
 
dainthomas said:
If you sold a car to a guy without checking if he had any job or income, you deserve the loss.

The other poster was right, banks face WAY more than a 10% hit if they foreclose. Sure it might not seem "fair", but what's going to happen to your home value when a bunch of houses on your block are sitting vacant? We have a bank-owned house on our block, and I'm sure it isn't helping us any.
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Then let the banks keep the 10% loss on their balance sheets. Why involve government money? Let them make it up by charging customers more.
 
classy said:
Its just laughable. The housing problem goes way beyond good payers and those who bought within their means. Much of this problem is how to stabilize home values where employment was hit hard. This false idea that the housing market problems just came from people buying homes they couldn't afford is a lie.
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Why do you want to stabilize home values at unsustainable prices? If the market were at equilibrium, prices stabilize on their own at sustainable prices. If they're still falling, it means the market still can't sustain that price.

How do so many people fail so badly at simple economic concepts?
 
rudder said:
Then let the banks keep the 10% loss on their balance sheets. Why involve government money? Let them make it up by charging customers more.
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Because it's easier to pass the buck to a non-born entity (our kids and grandkids) than screwing actual people today.
 
Here's the info from the FHA site:

http://www.fha.com/fha_article.cfm?id=169

What a strange stipulation. Someone has to be current and the lender has to be willing to write off 10% of the principal? This sounds like it would affect nobody. If someone is current on the mortgage, why would the bank voluntarily take a massive hit?
 
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Everyday I feel like I'm being robbed by highway men, and those men are named "The government."

When do we get a reboot?
 
classy said:
Its just laughable. The housing problem goes way beyond good payers and those who bought within their means. Much of this problem is how to stabilize home values where employment was hit hard. This false idea that the housing market problems just came from people buying homes they couldn't afford is a lie.
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The housing problem does go beyond those who bought within their means. Even if people bought within their means, their still retards if they paid asking price...and in some occasions, paid more than asking price. I know that I couldn't be the only one that figured house prices are too high. Back in 2002-2003 when I was looking for a house, every one that our real estate agent showed us seemed too high for what we were getting. My wife and I dropped two agents because of that. We found a home for sale by owner and got it for under market value.

Long story short, lots of retards exist---buyers and banks. Both should take the blame and both should not get off easy.
 
BoberFett said:
Here's the info from the FHA site:

http://www.fha.com/fha_article.cfm?id=169

What a strange stipulation. Someone has to be current and the lender has to be willing to write off 10% of the principle? This sounds like it would affect nobody. If someone is current on the mortgage, why would the bank voluntarily take a massive hit?
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Good, it sounds like a voluntary system. I could live with that over it being forced on any one bank.
 
OutHouse said:
That is such a bullshit view. i used to have equity... meaning my 2009 county assessment of my home dropped by 50K. there is no way i could sell my house for what i owe on it which means i would have to pay the difference of about 30K at closing. Plus being underwater there is no way i could refinance not that i would want to i still have a good job and i make my payments. im talking about the multitudes of people who did lose their job and like me saw the value of their home go down the pisser. what are they to do?
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so....... who do you think should eat the cost?
 
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