U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 02-18-2009, 02:08 PM
 
515 posts, read 883,475 times
Reputation: 269

Advertisements

Why should they be helped at the expense of other tax payers? If you overpaid for a house 3yrs ago it was your problem, why is it now my problem?
Reply With Quote Quick reply to this message

 
Old 02-18-2009, 02:13 PM
 
Location: Charlotte, NC
7,041 posts, read 12,819,562 times
Reputation: 2320
Quote:
Originally Posted by monkeyboy View Post
Why should they be helped at the expense of other tax payers? If you overpaid for a house 3yrs ago it was your problem, why is it now my problem?
Well, it becomes your problem when the house goes into foreclosure and lowers YOUR property value with the low sale price.

That is why house prices are falling across the country (and with them, values). It is in ALL of our best interests to keep foreclosures at bay as much as possible.

My property value has probably lost 35% or more. This is the house that I had hoped to retire in. (not that this is going to happen anytime soon) There are 4 foreclosures ON MY BLOCK. Nothing to do with me. But, they are affecting me in the decline in my property value. I will not be able to sell my house, refinance nor get any form of an equity loan for improvements for at least 10 years to come. Add this to my 401k that has lost probably 80% of its value, and I am sunk. (I am 52 years old)

THAT IS WHY THIS IS YOUR PROBLEM.
Reply With Quote Quick reply to this message
 
Old 02-18-2009, 02:37 PM
 
2,341 posts, read 3,948,350 times
Reputation: 1667
Folks can spout nonsense that they hear on talk radio, but I'd like to see hard FACTS. I'd like to see someone gives figures. The community reinvestment act has nothing to do with the mortgage crisis.
Reply With Quote Quick reply to this message
 
Old 02-18-2009, 02:42 PM
 
630 posts, read 1,641,635 times
Reputation: 287
Not everyone that overpaid will be foreclosed. I overpaid but I still pay my mortgage every month because I care about the ramifications of foreclosure. If the ramifications of foreclosure (or the potential for it to occur) become very small, I'll be the first one to go spend my money on things other than my mortgage. People pay their car loans because the car can get repo'd, the same thing should happen with the house.

Foreclosures themselves do not reduce the value of your property. Your property is worth what someone is willing to pay. If a home gets foreclosed and goes up for auction and sells it for less than you paid for yours... guess what... you overpaid. Foreclosures and auctions are just the reality slap that peoples home values are dropping and that's why they don't like them.

Myself I'd rather have a foreclosure and auction for a neighbor than a deadbeat neighbor who doesn't follow the rules of the HOA, has a bunch of annoying dogs, other pets and kids.... oh wait... that is my neighbor.
Reply With Quote Quick reply to this message
 
Old 02-18-2009, 02:43 PM
 
1,800 posts, read 5,086,276 times
Reputation: 732
Quote:
Originally Posted by monkeyboy View Post
Why should they be helped at the expense of other tax payers? If you overpaid for a house 3yrs ago it was your problem, why is it now my problem?
Yeah, so let's go and blame Obama for a mess that started 3-4 years ago (if not longer).
But blaming presidents and administrations isn't going to do anybody any good. Throw the bank execs in jail, hire someone who knows what they're doing, and start over. I really don't understand why these fools still have their jobs???
Why aren't you angry that the post office is government run? Is that institution in trouble? It shouldn't be any different for something as important as a bank. I'm not saying that all banks should be government owned, but I think we should be given a choice of where to put our money...if you want to go w/a private bank, then so be it. If you want to choose a government owned bank, and feel "safer" with such a choice, then so be it. Freedom of choice is what it should be all about. These entities need to be re-thought!

Last edited by stmaarten; 02-18-2009 at 03:14 PM..
Reply With Quote Quick reply to this message
 
Old 02-18-2009, 02:53 PM
 
Location: Charlotte, NC
7,041 posts, read 12,819,562 times
Reputation: 2320
Hoagie, uber...

here is a link to an article in the Charlotte Business Journal from today:
Obama unveils plan to prevent foreclosures - Charlotte Business Journal:
Reply With Quote Quick reply to this message
 
Old 02-18-2009, 03:03 PM
 
1,158 posts, read 2,260,422 times
Reputation: 551
Quote:
Originally Posted by baybook View Post
Folks can spout nonsense that they hear on talk radio, but I'd like to see hard FACTS. I'd like to see someone gives figures. The community reinvestment act has nothing to do with the mortgage crisis.
It does for the uneducated, misinformed, and sean hannity worshippers.
Reply With Quote Quick reply to this message
 
Old 02-18-2009, 03:07 PM
 
755 posts, read 2,204,378 times
Reputation: 320
Quote:
Originally Posted by chicagocubs View Post
I will not be able to sell my house, refinance nor get any form of an equity loan for improvements for at least 10 years to come.
Even with everything that's happened, you're STILL considering using your house as a piggy bank?

THIS is why the government should stay out of it. Some people never learn.
Reply With Quote Quick reply to this message
 
Old 02-18-2009, 03:10 PM
 
1,453 posts, read 4,616,679 times
Reputation: 733
I've got a question...Does anyone besides me remember a specific commercial prior to the election where people were told that they could go to a website, put in their personal information and see exactly how much $$$ they would receive in stimulus check if Obama is elected???

I didn't do it but something tells me if I had the fiqure would have been far greater than the $13 per week we're now told we will receive.
Reply With Quote Quick reply to this message
 
Old 02-18-2009, 03:13 PM
 
755 posts, read 2,204,378 times
Reputation: 320
Quote:
Originally Posted by stmaarten View Post
Why aren't you angry that the post office is government run? Is that institution in trouble? It shouldn't be any different for something as important as a bank.
The post office leaks money like a sieve. The postal deficit alone will likely reach over $3 billion in 2009.

Quote:
Originally Posted by stmaarten View Post
It shouldn't be any different for something as important as a bank. I'm not saying that all banks should be government owned, but I think we should be given a choice of where to put our money...if you want to go w/a private bank, then so be it. If you want to choose a government owned bank, and feel "safer" with such a choice, then so be it. Freedom of choice is what it should be all about. These entities need to be re-thought!
Go read the Constitution. Please. Read it.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top