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Old 02-18-2009, 01:09 PM
 
448 posts, read 1,470,556 times
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will the new stimulus plan help current homeowners in Florida?

We still have to sale our home in OH. Its not a foreclosure, we are not upside down on our mortage. Don't live beyond our means. Just wondered how will it help us sale our home. Or anyone else out there that need to sale their home first before they can purchase another.

any thoughts on the bill introduced today?
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Old 02-18-2009, 02:07 PM
 
3,566 posts, read 3,731,911 times
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Originally Posted by floridaorbust View Post
will the new stimulus plan help current homeowners in Florida?

We still have to sale our home in OH. Its not a foreclosure, we are not upside down on our mortage. Don't live beyond our means. Just wondered how will it help us sale our home. Or anyone else out there that need to sale their home first before they can purchase another.

any thoughts on the bill introduced today?
I think it will just postpone the inevitable. I read recently that almost 40% of homeowners who negotiated a reduction of interest or forgiveness of part of the principal owed on their homes had fallen behind again on their mortgage payments 6 months later. The bottom line is that millions of people were put in homes they couldn't, and will never be able to, afford. The faster we come to grips with that reality the quicker the real estate market will turn around. That means, of course, that a lot of homeowners will become renters. But unless we do what has to be done, we'll spend 75 billion to arrive at the same place that allowing the market place to work would have taken us.
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