For those seeking mortgage stimulus help (refinance, house, live)

[Mjeacoma]

New website for just that

Making Home Affordable - Home

[ianwaters]

Originally Posted by Mjeacoma

New website for just that

Making Home Affordable - Home

An interesting part of the qualifications that make it difficult to not pay your mortgage and get a bail out

"13.
I am delinquent on my mortgage. Will I qualify for a Home Affordable Refinance?
No. Borrowers who are currently delinquent or have been 30 days overdue more than once during the past 12 months will not qualify. You should contact your servicer to see if a Home Affordable Modification is an option for you."

[dman72]

My wife and I aren't qualified because our mortgage doesn't = a high enough percentage of our pay, even though our outstanding mortgage amount is more than what the current value of our home is.

In other words, if we had bought a house for 100k more, we'd be getting special deals now. Doesn't seem quite fair.

[DeadPool1998]

Originally Posted by dman72

My wife and I aren't qualified because our mortgage doesn't = a high enough percentage of our pay, even though our outstanding mortgage amount is more than what the current value of our home is.

In other words, if we had bought a house for 100k more, we'd be getting special deals now. Doesn't seem quite fair.

I'm sure the math for determining who qualified would have been more generous, but so many people were complaining (on FOX & CNBC) that the mortgage bailout was rewarding losers that the government will only assist those who AREN'T likely to default.

Once again, the American tendency to throw its own under the bus works to reward those WITH money and not those truly in need.

[dman72]

Originally Posted by DeadPool1998

I'm sure the math for determining who qualified would have been more generous, but so many people were complaining (on FOX & CNBC) that the mortgage bailout was rewarding losers that the government will only assist those who AREN'T likely to default.

Once again, the American tendency to throw its own under the bus works to reward those WITH money and not those truly in need.

Well, we aren't likely to default, but we still don't qualify. And Rick Santelli can eat me.

[hotkarl]

I can agree somewhat with the plan.
Why bail out a notorious deadbeat, only to have them fall into the same situation again, thus making the original bailout a total waste of money.
Unfortunately there are many useless and lazy deadbeat individuals out there that feed off of handouts. It's the few rotten apples that spoil it for the whole bunch.

[TomMoser]

Originally Posted by hotkarl

Why bail out a notorious deadbeat, only to have them fall into the same situation again, thus making the original bailout a total waste of money.

Ask the people at AIG, Citigroup, Bank of America, etc.

[DeadPool1998]

Originally Posted by hotkarl

I can agree somewhat with the plan.
Why bail out a notorious deadbeat, only to have them fall into the same situation again, thus making the original bailout a total waste of money.
Unfortunately there are many useless and lazy deadbeat individuals out there that feed off of handouts. It's the few rotten apples that spoil it for the whole bunch.

No one wants to give money to a "notorious deadbeat," but there has to be rules and you can't do this capriciously. So, to avoid excluding deadbeats, you create a set of rules that increase the likelihood that truly needy people will be excluded. The more "perfect" you make it, the less effective it becomes. That is true with a lot of programs. For instance, the more Americans fixate on the mythical "welfare queen," the less public assistance there will be for those it was actually intended for. Makes you wonder what the welfare queen opponents are really trying to do. Likewise with those hoping to avoid helping so-called deadbeats.

[hotkarl]

I'm all for helping the guy who always paid his bills/mortgage consistanlty and is responsible, but just happened to fall into some tough times like getting laid off or losing his job completely.

I'm not in favor of helping the guy who has been in and out of work his entire adult life because for one reason or another he can't or wont hold down a steady job because of his own doing, has been in forclosure or pre-forclosure numerous times,
or lost a home altogether at some point. Feeds off the system constantly because he can, and it's easier than getting up and going to work everyday.

So, yeah, there should be some way to help those who need it, but truly deserve it.
And weed out the leeches.

[longislandmike]

Chase mortgage memo pushes ‘Cheats & Tricks’ - OregonLive.com