[Free America52]

I have mixed emotions about this, as I am one of those people who are upside down on my mortgage. Not because I’m a slacker or anything like that.

I bought my property at or near the peak and have since lost my job as VP Sales of a small software company that has gone out of business. I’m still making my mortgage payment out of my savings account, have never missed a payment and don’t plan on missing a payment even if I have to cash in 401k plans, IRA’s, etc.

I have never taken government assistance on anything. But the idea of getting back above water on my mortgage is very attractive. And no ... it would not change my hatred of Obama and I will not vote for him. But I know for me, it would have a huge impact on my current financial situation.

[dfwgator]

I have mixed emotions about this, as I am one of those people who are upside down on my mortgage. Not because I’m a slacker or anything like that. I bought my property at or near the peak and have since lost my job as VP Sales of a small software company that has gone out of business. I’m still making my mortgage payment out of my savings account, have never missed a payment and don’t plan on missing a payment even if I have to cash in 401k plans, IRA’s, etc. I have never taken government assistance on anything. But the idea of getting back above water on my mortgage is very attractive. And no ... it would not change my hatred of Obama and I will not vote for him. But I know for me, it would have a huge impact on my current financial situation.

Ok...but still...why should I have to pay...for your choices.

[DManA]

huge impact on my current financial situation.

Temporarily. Long term you would end up living in a tent in Obamaville.

[palmer]

I bought my property at or near the peak and have since lost my job as VP Sales of a small software company that has gone out of business. I'm still making my mortgage payment out of my savings account,

Your are diligent and responsible contrary to my blanket assertion above.

[silverleaf]

If the obamites get the middle class like you by the wallet, your bodies and minds will follow

that would be the goal of this program

[OldGoatCPO]

When the military transferred me to the South, I ended up with a house in Illinois I cannot sell. Problem is my wife and I were careful and only refinanced the amount needed to clear all of our other debts. Because we were so careful, and despite almost a 33% drop in value, we are not underwater.....yet. But, we are very close to a short sale because of the age of the house I cannot get close to what we owe, but the property is still valued about 40K above my mortgage. I will not qualify for assistance, but I am one family emergency away from foreclosure. I am part of that feared next wave of foreclosures, so this stop gap measure will not have the impact Bambi thinks it will. He waited too long to do this, and it will mean nearly a $ trillion added to the debt.

[arrogantsob]

It would also have a negative impact on your FUTURE financial situation.

[fatnotlazy]

The whole idea is to tempt you into dependence on the federal government. Resist the temptation.

[mdmathis6]

I’m sure they’ll attach some requirement...that you be a disadvantaged minority or something!

[paul51]

But I know for me, it would have a huge impact on my current financial situation.

If I had to pay off your loan that would have a huge impact on my current financial situation

[Arlis]

So, your thinking is, “If this saves me personally, but destroys the rest of the nation, that’s ok....”

Isn’t this the very mentality that is giving the libs all the power they need to destroy us?

Shouldn’t my attitude/thinking be, “If I go down, so be it. Rather I go down than the whole nation....” Isn’t that the attitude of our founders?

When self-proclaimed conservatives have this attitude, we’re doomed.

IMHO.

arlis

[Arlis]

So, your thinking is, “If this saves me personally, but destroys the rest of the nation, that’s ok....”

Isn’t this the very mentality that is giving the libs all the power they need to destroy us?

Shouldn’t my attitude/thinking be, “If I go down, so be it. Rather I go down than the whole nation....” Isn’t that the attitude of our founders?

When self-proclaimed conservatives have this attitude, we’re doomed.

IMHO.

arlis

[Arlis]

So, your thinking is, “If this saves me personally, but destroys the rest of the nation, that’s ok....”

Isn’t this the very mentality that is giving the libs all the power they need to destroy us?

Shouldn’t my attitude/thinking be, “If I go down, so be it. Rather I go down than the whole nation....” Isn’t that the attitude of our founders?

When self-proclaimed conservatives have this attitude, we’re doomed.

IMHO.

arlis

[Tatze]

I bought at the height of the market in 2006. Fully qualified for my mortgage. Still employed, with raises and bonuses. Still making payments on my mortgage. In fact, paying extra on my mortgage to bring down the principal faster. But I’m still underwater because of the housing collapse due more to Government than banks, and through no fault of my own.

I’d have my in-laws screaming at me again if I turned down something like this, which I am still highly inclined to turn down. They already gave me some grief for not taking advantage of the mortgage re-fi programs Obama instituted.

I guess it depends on how its done if I have a choice or not. I’d much prefer for the housing market to recover to raise the house value rather than lowering the mortgage principal.

[Osage Orange]

Sorry to hear it........

My youngest daughter...called last night all upset, because her laptop apparently has crashed.

I happened to be under the house in the dirt...fixing a leaking NATGAS pipe. It was only 106 degrees here yesterday..

I bot two new truck tires a few weeks ago...got a unfixable flat in one of them. Gotta buy a new one, I guess.

My desktop PC took a dump a month ago....had to buy a new one.

The point I told my girl....is this is just life. Sometimes we do everything right, but still things go wrong.

Good luck.....

[lacrew]

Here’s a perspective from somebody not underwater...but in trouble.

I have alot of equity in my house...around $40,000, according the the county appraiser. BOA seems to know this too...and they have been VERY aggressive with me. I am two payments behind, and I estimate it will take me four months to catch up completely. I have got three letters with foreclosure filing dates...and have called them and begged for delay...but I just got another one yesterday. They clearly see a foreclosure which would not lose them money...and obviously my mortgage is flagged in their system that way.

I know I haven’t kept up my part of the bargain...and I have been charged lots of penalties as a result...and BOA has the right to foreclose...but I am slowly creeping back to where I need to be.

I am not eligible for any of the past and likely future assistance plans however, because I have too much equity (almost 25%). This is the result of saving for 5 years to make a large down payment. Yes, I could sell...but the end result would be the same - my family will not have a house to live in.

I’ve got to be honest...it does not make me happy to know that I may lose my house...while simultaneously paying taxes to bailout people who paid too much, without a down payment.

As a side note, my house is very modest. Every time the nightly news has an ‘underwater’ expose on a poor family in trouble, the house is 2-3 times as expensive as mine, and they made no down payment....it just makes this pill more bitter to swallow.

[Theophilus]

But the idea of getting back above water on my mortgage is very attractive.

We should let the government set all prices because then nobody would ever be under water again!

[ynotjjr]

Thanks for your honesty. I can relate. Lost my job after 23 years and have worked for myself ever since. I look at “the greatest generation” like my Dad who has had a solid SS check and a pension and health care for the last 30 years. I never missed a payment on this house since 1989 and have had to go into my 401K for the last two years to help ends meet and the Gov’t hits me with additional taxes and penalties. My house value has gone down and I owe about 50K more than its currently worth. This sounds good to me. Never had the Federal Govt do something nice for me (outside of the military). will it cause me to vote for a democrat? No, but I will feel a little guilty about it.

[Mike Darancette]

I have never taken government assistance on anything. But the idea of getting back above water on my mortgage is very attractive.

But what will happen when you poor underwater folks sell your house for a profit? The government will be your partner and take theirs back and tell you how you can spend yours. All the while your real estate "partner" will be telling what to do.