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Obama's new "forclosure fix" plan
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itsbabytime
LIF Adult
Member since 11/05 9644 total posts
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Me
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Re: Obama's new "forclosure fix" plan
Posted by snowbunny
Posted by 1stimemom
Posted by snowbunny
Luck is finding $10 on the street.
Doing your research and making reasonable decisions is part of being a responsible adult.
NO - luck is keeping your job when others just as good as you or better are being laid off left and right and are now living off the $ they DID bust their butts to save so they can pay their mortgage.
Yeah, luck got me though college and grad school.
Silly me, I thought it was hard work and sacrifice.
Am I reading this right? Are you saying that colloge and grad school will keep you from losing your job???? If yes, then mabye you have been living in a bubble b/c there were TONS of hard hard hard working people with college and MBA's from TOP schools at Bear Stearns, Lehman Bros and all the countless other banks still in business that fired people - not to mention the 800 plus lawyers at top firms that were let go a few weeks ago - Yes, I b/v the poster was right in saying in this current economy it is LUCK to keep your job! If you think otherwise than you are clearly not paying attention to the world around you!
Message edited 2/20/2009 4:42:19 PM.
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Posted 2/20/09 4:41 PM  |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
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That Led To The Wrong Tendencies
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Re: Obama's new "forclosure fix" plan
Posted by cjik
Posted by beautyq115
Posted by longford73
I just want to know where is my "reward" for doing my research, understanding the terms of my mortgage and paying on time each month. It just doesn't seem fair sometimes that when you play by the rules you get screwed
You are absolutely right!!!!
How are you getting screwed? You have your house, and you are secure in it now right? That is your reward for doing your research.
Maybe because some of us that still have our house put down fat down payments of 20% of more to see their equity go down. We also did our research on interest rates and got a nice low rate on a fixed 30yr loan.
So instead of 80% LTV we are probably at 90 or 95% LTV. So what are we getting? Absolutely jack ****.
This housing bailout plan is a joke. If the government wants to "modify" loans for people that didn't do their research and got stuck with stupid adjustable rate and interest only loans, fine. But they better not be forgiving principals on existing loans.
I'll be VERY ****** if they do something like this: Person takes out a 400k mortgage, on a house that was worth 420k. Fast forward a year later and the morgage is down to 398k but the house is now worth 350k and the person can't make their payments. The feds decide to allow this person to keep their house by modifying their loan AND reducing the loan amount to 350k. That would make my blood boil.
Message edited 2/20/2009 5:06:56 PM.
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| Posted 2/20/09 5:06 PM |
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headoverheels
s'il vous plaît
Member since 6/07 42079 total posts
Name:
LB
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Re: Obama's new "forclosure fix" plan
Posted by itsbabytime
Posted by snowbunny
Yeah, luck got me though college and grad school.
Silly me, I thought it was hard work and sacrifice.
Am I reading this right? Are you saying that colloge and grad school will keep you from losing your job???? If yes, then mabye you have been living in a bubble b/c there were TONS of hard hard hard working people with college and MBA's from TOP schools at Bear Stearns, Lehman Bros and all the countless other banks still in business that fired people - not to mention the 800 plus lawyers at top firms that were let go a few weeks ago - Yes, I b/v the poster was right in saying in this current economy it is LUCK to keep your job! If you think otherwise than you are clearly not paying attention to the world around you!
thank you! i totally get that some people are feeling slighted because they work their azzes off and made sure they didn't bite off more than they could chew. but there ARE a lot of families who bought houses BEFORE this recession - how in the WORLD could they have known that in a few short months or years they would have no job, no money, and be forced to sell their home or face foreclosure?
and of course we can blame people for taking on a mortgage they can't afford, with little to no money down - but like Ophelia said, the BANKS should be responsible for telling people that no, on your salary, you can't afford to pay off a mortgage like that. i mean i have been reading about people who make $1400 a month getting mortgages for $500,000 homes - the payment is something ridiculous like $4500 a month now. obviously no one would take on a mortgage payment like that when it's spelled out like that - i feel like these people were "tricked" into these ARMs.
so snowbunny, i am SO glad that you have a good education but NONE of us is immune to this economy. i sure hope no one you know is ever forced out into the street - i have a feeling they would be getting no sympathy from you. 
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| Posted 2/20/09 5:07 PM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
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Re: Obama's new "forclosure fix" plan
Posted by ave1024
This housing bailout plan is a joke. If the government wants to "modify" loans for people that didn't do their research and got stuck with stupid adjustable rate and interest only loans, fine. But they better not be forgiving principals on existing loans.
I'll be VERY ****** if they do something like this: Person takes out a 400k mortgage, on a house that was worth 420k. Fast forward a year later and the morgage is down to 398k but the house is now worth 350k and the person can't make their payments. The feds decide to allow this person to keep their house by modifying their loan AND reducing the loan amount to 350k. That would make my blood boil.
I completely agree.
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| Posted 2/20/09 5:15 PM |
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smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
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Re: Obama's new "forclosure fix" plan
Posted by longford73
I just want to know where is my "reward" for doing my research, understanding the terms of my mortgage and paying on time each month. It just doesn't seem fair sometimes that when you play by the rules you get screwed
Then consider yourself fortunate! 
Not all people went into property buying thinking that in 3/5 years with their arm terms they would be in the situation they are now. Yes some stretched themselves too thin. But some never anticipated paying $1000 more a month on a mortgage. For some people, there is no coming back. Especially if you bring home a combined income of $50-$60K. It's not just about you or me or people who still manage or just about NYC, NJ or LI. It's about people who could no longer afford their increasing interest, people whose spouse lost their job and they can't pay.
When the economy was doing great several years ago, people bought their house NEVER thinking of what could be.
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| Posted 2/20/09 5:16 PM |
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anonttcer
BOOOO for fall!
Member since 7/06 10082 total posts
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Re: Obama's new "forclosure fix" plan
This article was sent to me today.
Made me think of this thread...
Article
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| Posted 2/20/09 6:25 PM |
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| Pages: 1 2 [3] |
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