“...but only if they are at least 90 days delinquent.”
Reminder to self -— STOP PAYING MORTGAGE ASAP!!!
If we are betting the farm on the ethics of people who have likely already made the decision to default on the mortgage and appeal to DelanObama for a personal bailout, then we are more thoroughly screwed than even I had thought...
I wonder if the government will tax as income any forgiveness of debt/ principle or interest. Hmm.
If they must do a subsidy, they should make it clear on the application that the effort will trigger a detailed audit of the loan origination, and that any violations of federal law will be prosecuted. This includes the brokers.
That should calm down the rate of applications.
People don’t understand what moral hazzard means.
Here’s my situation- we bought a house before the bubble really took off, in 02. We carefully planned and executed a remodel, and it came out very nice. At the end of the process, we had a beautiful place that was reasonably affordable.
Since the crash happened, foreclosures in the area have ruined the market. Running comps on our house has been a devastating process. We’ve lost 140K in equity in 6 months- with all the short sales in the neighborhood, we’re now down to our loan balance.
We have no equity any more.
This devaluation cycle isn’t over yet. The longer it goes on, the lower our values will drop. By next month, we may very well be upside down.
This was all through no fault of our own, we were not irresponsible with our plans.
We’ve had it for sale for over a year, and we’ve had zero bites. We want out. We have to move soon anyway for employment reasons.
Yesterday our payment was due. We’re not going to pay it. I’ll be calling the bank in a few hours.
Here in the winter wonderland, I prefer to live inside. :’)
:’D
Unbelievable Video (Idiot Obama supporter)
Gleen Beck | Oct 31, 2008 | Glenn Beck
Posted on 11/02/2008 5:56:59 AM PST by Islander7
http://www.freerepublic.com/focus/f-news/2122494/posts
This video clip pretty much sums up everything Glenn has been saying for the past months in just a few seconds. An excited woman is interviewed after an Obama rally and says she will vote for Obama because ‘I won’t have to worry about putting gas in my car and I won’t have to worry about paying my mortgage’. Watch the woman get caught hook, line and sinker.