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An economic policy expert says the secretary of Housing and Urban Development is justified in blaming Congress for the failure of a poorly conceived federal program designed help troubled homeowners pay their mortgages.
Housing and Urban Development (HUD) Secretary Steve Preston tells The Washington Post that the three-year program, which was supposed to help 400,000 borrowers avoid foreclosure, has only attracted 312 applications since October because it is too expensive and onerous for lenders and borrowers alike.
I was looking at the guidelines for mortgage modification from fannie mae and found it does not help many avoid foreclosure. The applicant has to be 90 days delinquent before they will review the application, but by that time they are well into serious trouble. It seems to me that a simple questionaire to determine if the mortgage is affordable over the next 24 months for the applicant would make more sense in this economy.
Most people who are in foreclosure deserve to be in foreclosure (I mean this in a non-personal way).
There is no quick governmental fix to this one... We're just gonna have to hold on tight and finish the ride we're on...
Whenever any industry says "the old fundamental rules" don't apply anymore (they were saying it the past few years with R.E. and they said it back in 97-99 during the Dot Com Run-up) that should be a HUGE tip-off that things are going to run off the rails and need to be clamped back down on..
Well ;they now have stats on the first two quarters of people that were restructured in thier loans. They have a 53% and 58% going into foreclosure again. Any that could afford the mortgages they had still can't afford the new mortgage.Those are peoppe who quailified many do nopt because of their income debt and other reasons.
And what is one major cause of homeowners falling behind on their mortgages? Unemployment.
And did you know that unemployment does not qualify as a hardship?
Nope. Not according to this new stupid useless law designed to help people out. Leave it to the mortgage companies to wiggle out of yet another responsibility ordered upon them.
Unemployment as a hardship? How long does this hardship last? Until the borrower is employed again? I can't understand why any bank would allow a person to pretty much never pay a mortgage again by simply being unemployed for life (or work under the table)... Sure its tough when you are unemployed, but if you find yourself in that situation, you should be renting... not trying to pay a mortgage... besides that, I think most banks are willing to forebear the mortgage for a limited time if you tell them you are currently unemployed...
Unemployment as a hardship? How long does this hardship last? Until the borrower is employed again? I can't understand why any bank would allow a person to pretty much never pay a mortgage again by simply being unemployed for life (or work under the table)... Sure its tough when you are unemployed, but if you find yourself in that situation, you should be renting... not trying to pay a mortgage... besides that, I think most banks are willing to forebear the mortgage for a limited time if you tell them you are currently unemployed...
That makes no sense. You are a homeowner, Then you lose your job and cant make your bills. Are you proposing to just walk away from your house to rent one? If so how do you afford the rent? Nothing I just said makes sense because nothing you said makes sense.
It blows me away the insensitivity of people towards their fellow man. You must work for the government. You talk that way.
That makes no sense. You are a homeowner, Then you lose your job and cant make your bills. Are you proposing to just walk away from your house to rent one? If so how do you afford the rent? Nothing I just said makes sense because nothing you said makes sense.
It blows me away the insensitivity of people towards their fellow man. You must work for the government. You talk that way.
Who said walk away? I suggest downsizing and selling your home if you can't afford it... I suppose someone with a BMW car payment ought to keep it cause they need a car instead of selling it and buying a more affordable one... I am not insensitive... I am realistic and I am sorry if you rather they live in the clouds instead here on earth... you do what you need to do to survive and rebuild... not condemn yourself and your family to homelessness... I rather they live in a cramp apartment and rebuild than living on the streets after losing everything by trying to keep something they can't afford...
I know this may be hard for many to believe but there are homeowners who pay less for their mortgage than renters. Rentals are high in NY and it is going to get a lot higher with this mortgage mess. Everyone thinks when in doubt just rent. Oh, renting is so easy and plentiful. Many people can not afford to pay rent. I know someone who pays $1000 per month plus utilities for a one bedroom basement rental. $1800.00 per month for a two bedroom in Queens. That does not make sense to me at all. Many people today have to resort to getting roommates to find a place they can afford. This is not funny. Many people are homeless because of our economy. Many of these people have children and did nothing wrong.
Banks will not help you if you lose your job.The best time to make financial decisions is when you are employed. We all need to cut back on our spending and get our reserves up. For those who can, take out a HELOC loan to protect your home. Put the money in an account that is not easily assessible if you have less than one year of savings. 3 to 6 months is just not enough. Make sure the loan amount includes HELOC payments and health insurance. Hopefully, you will be able to find a job within a year. Unemployment benefits can help. They way things are going, it may be difficult to get unemployment soon.
We need to be more proactive and stop beating up on each other. There is too much jealousy in this world. Meanwhile, socialism for the rich. It is okay for them them to screw up. Our hard earned tax dollars will bail them out and we will end up in shelters. God Bless America!
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