Anybody Underwater on their Mortgage (credit card, debt, analysis, payment)

[monkeyboy]

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?

[chicagocubs]

Originally Posted by monkeyboy

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.

[baybook]

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.

[flexysteve]

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.

[stmaarten]

Originally Posted by monkeyboy

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!

[chicagocubs]

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:

[mrdkb]

Originally Posted by baybook

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.

[Weedydidi]

Originally Posted by chicagocubs

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.

[businessperson]

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.

[Weedydidi]

Originally Posted by stmaarten

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.

Originally Posted by stmaarten

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.