Last night after watching the news stations act like this Project Lifeline is going to rescue people from foreclosure, I agree with whoever was saying this is just a PR move by big brother government. Either they think it will work and they are all really ignorant, or they are just playing with smoke and mirrors.
I didn’t hear anyone here use the term “big brother government”. That term is used mostly by the left-wing media and other assorted socialists…must have been a show you were watching.
Keith
My fault Keith. That term was my words, I didn’t mean that someone here said that. But I thought I saw someone refer to this as a PR move. I could be mistaken though…
We are not in a recession. The word has a definition. Look it up.
Sorry Steve but I can tell you in no uncertain terms WE ARE IN A RECESSION!!
I am fully aware of the DEFINITION of a recession according to the wonderful word of academics who write books about the economy but have never added 1 cent to GDP. These are the same guy’s who Wall St relied on to rate all those CDO’s that blew up in their faces…remember that??
Here’s what I know…I’ll let the majority decide if we’re in a recession.
- Steadily increasing unemployment
- Home prices falling month over month for a FULL YEAR (first time since stats have been kept)
- Foreclosure rates at never before seen levels
- Credit markets frozen
- increasing numbers of late credit card payments
- Worst Christmas retail numbers in 10 years
- And last but not least ( and my personal favorite) Walmart gift cards being used to buy FOOD!!!
Nope no recession here. :shocked
Back to the original question. If someone can’t pay their mortgage, another 30 days isn’t going to make any difference.
If the banks were smart, they would announce that they are freezing mortgage payment increases. Better to have a home owner making his payments at 7% than to raise his rates and have to foreclose. It’s probably even better to leave a home owner paying a 4% teaser rate than it is to foreclose right now.
There are a heck of a lot of people who will do everything they can to hang onto their home, even when they are upside down. If you leave them alone and let them pay, they will keep paying.
If you adjust upward, they don’t have enough money to pay. Banks are losing 50% of the loan amount in foreclosures-- selling for discount, all the expense of selling, the legal costs, the holding costs.
I’ve got a few tenants like that. They simply can’t pay any more. I could get more rent for the house, but if I raise the rent, they move out and this is not a good time to have a vacancy. So I leave them alone.
Back to the original question. If someone can't pay their mortgage, another 30 days isn't going to make any difference.
Couldn’t agree more, what a joke this idea of freezing rates or allowing 30 days to renegotiate is. And what is a $600 rebate going to do? My truck takes $115 to fill up, thanks for the 5 free tanks of gas Washington. What a bunch of grandstanding BS by the folks in DC.
7) And last but not least ( and my personal favorite) Walmart gift cards being used to buy FOOD!!!!
hahaha, very funny!
I haven’t seen it yet, but I think that is available. I’m not sure if all the banks are involved or have agreed to it or not, but I know that was one of the moves the government made a while ago. Of course, there are always qualifiers like you have to have a record of making payments on time.
Personally, my mortgage is due to adjust in June and I have still yet to decide, but I may apply to see if the government will help me freeze the rate. Why not? It might even be easier than a refi.
That Walmart reference wasn’t a joke…
Check it out…
www.sltrib.com/business/ci_8202636
“Worst January in 4 years”
No recession here. :flush
"Worst January in 4 years"
As if 4 years isn’t bad enough, the story actually reads 4 DECADES.
On Thursday, the nation's retailers turned in their worst January in almost four decades as high gasoline and food prices, a slumping housing market, tighter credit and a tougher job market pushed consumers to the edge.[i]Salt Lake Tribune 02/07/08[/i]
jbaldwin is right, why would an extra 30 days help when they knew long before that they were going into default. And the homeowners will be notified by mail by their bank when they qualify for an extra 30 days then they have to call their bank. We all know how much people in default love to open mail from their banks and talk to loan officers. All the lenders are jumping on board so they don’t look so bad and avoid regulation.
This and giving everyone $600 dollars to help the economy is just another silly idea from an inept administration run by a golden spoon fed low IQ party boy. Can’t wait til next year.
Yeah 30 days won’t change a thing.
People normally have 60-90 days to do something plus the 2-3 months they were in default.
If you can’t solve your problem in the 120-180 days of not making payments, another 30 won’t change a thing.
Like next year will be any better… :rolleyes
McCain, Hillary, or Barack?
Yeah, can’t wait to see how our country plummets this time around…
After having been around her for 5-1/2 years, I feel very comfortable saying that anyone that votes for Hill-yuri will get what they deserve. She is a dyed-in-the-wool Socialist currently masquerading as a ‘Centratist’. She’s a political chameleon that will do or say ANYTHING to get elected. The good news is that she’s lost 8 in a row and the meltdown has started. She is absolutely vicious when she’s not getting her way. As the slide continues, you’ll start to see the real her.
I can’t believe that she hasn’t played the “vast left-wing conspiracy” card yet!
Pray for the nation if she gets elected. She’s enough of a problem in the Senate.
Keith
[/quote]
Like next year will be any better… :rolleyes
McCain, Hillary, or Barack?
Yeah, can’t wait to see how our country plummets this time around…
[/quote]
Must’ve been a Righteous Romney fan.
Nope, didn’t like any of the options. I usually end up voting for the lesser of the evils.
None of the candidates left have much of a plan for the economy.
Barack is inexperienced and wouldn’t know what to do, besides what his liberal democratic friends tell him to do.
Hillary thinks universal healthcare is going to work (she’s nuts).
And McCain has flat out admitted that the economy is not his strong suit.
At least Romney has a solid economic background, but I still didn’t agree with alot of his stuff.
HUD approved programs such as HOPE Now and Project Lifeline are sponsored by Lenders and Banks in an attempt to collect on debt owed to them by homeowners.
Homeowners need a professional who is on their side and NOT working for the Lenders. A real advocate is the experienced real estate and mortgage professional in their neighborhood that can stop the harassing phone calls and offer REAL alternatives to foreclosure and bankruptcy.
“Counselors” will only help you fill out financial statements that the lender will need to asses if they can get more money out of you. Lenders affilitated with these programs ultimately want you to keep your gigantic loan and ridiculous interest rates. AND even though they are non-profits, the banks and servicers pay them big bucks to “counsel” people into sticking with their crazy payments!
What homeowners need to know is that there are alternatives to staying in bad debt. If short selling or giving the keys back to the lender allows a family to survive the recession and start over fresh with a brighter future, that should be at least as important a consideration as fulfilling your obligation under the original loan!
It is difficult to debate a point with someone who allows himself to change the definitions of words.