Obama's forclosure fix on the way?!?!?!?

[JeRmZ]

Full story here ...

http://money.cnn.com/2009/02/17/news/economy/foreclosure_preview/index.htm?cnn=yes




BUT ... my question is what about the responsible people like myself who unfortunately had to buy when the market was flooded with overpriced homes and now my home value has dropped and is no where near what I have my mortgage for? But yet I continue to make my payments and am no where near forclosure .... Where's the help for me!?!?!?!

It makes me sick that these people that bought houses and knowingly could not afford them are going to get help to "keep" their homes while I bought within my means at the time when I could have darn well bought that $500,000 home that I really wanted!!

WHERE'S MY HELP!!?!?!

[OnePimpTiger]

Agreed 99%. Our house in Chattanooga, TN is still on the market (we moved 20 months ago). When we moved, my wife and I collectively took around a $15,000/yr pay cut and we can still afford our mortgage payments every month. When we bought our home, we were approved for something like $180,000, but we knew we couldn't actually afford that so guess what, we didn't buy a house that big. It's pretty simple really...I figured it out without even thinking at 25 with absolutely zero home buying experience. I have very little sympathy for people who have been living beyond their means for years and are now reaping what they sowed...

The other 1% is that I don't want any help from the government. I'll take a stretch of tight times moneywise if it means that's one less handout from Washington.

[JeRmZ]

I hear ya man ... I hear ya! I don't really wanna be lumped in with those "with their hands out" and asking for help. I knew what I could afford at the time and that's what I ended up buying BUT I do find it a bit discouraging that my house is now valued at least 10-15% less than what I purchased it at.

If anything at all the goons up in washington should take a look at the value of homes and force mortgage companies to re-work loans on homes that were purchased at infalted prices. I know Florida would take a major hit though because during that particular time homes were flying off the market for 20-30% more than what they actually should have been going for at the time .... only because everyone and their brother was "approved" for a loan!

[OnePimpTiger]

I hear ya man ... I hear ya! I don't really wanna be lumped in with those "with their hands out" and asking for help. I knew what I could afford at the time and that's what I ended up buying BUT I do find it a bit discouraging that my house is now valued at least 10-15% less than what I purchased it at.

If anything at all the goons up in washington should take a look at the value of homes and force mortgage companies to re-work loans on homes that were purchased at infalted prices. I know Florida would take a major hit though because during that particular time homes were flying off the market for 20-30% more than what they actually should have been going for at the time .... only because everyone and their brother was "approved" for a loan!

Exactly exactly right on all accounts. That's the problem with our house not selling too...we have to ask a little more than we paid for it to cover realtor fees (we only had it a little over a year when we moved), which normally wouldn't be a problem considering appreciation, but with the value of homes dropping so much that means we're asking more than people want to pay.

[shortking98]

I disagree, why should mortgage companies have to take a bath because house prices drop? Doesn't make sense to me

[JeRmZ]

Becuase the mortgage companies are in part the reason why we are in this situation in the first place. The CEO's of these companies were willing to go along for the ride of making millions of dollars without taking a step back and looking at the long term picture.

Let me ask you this .... if you don't think the Mortgage companies should have to take a bath in the dirty water they helped create, then why should they receive any money from the Government for help to get out of the dirty water?

[shortking98]

I don't think they should have received that money

[OnePimpTiger]

I agree that they shouldn't receive any government funding, they too should reap the rewards of their bad business. But since they are anyway, I would prefer they use the funds for people who have done the right things that are now in trouble instead of people who put themselves in the bad situation they're in with poor decisions. All this does for the mortgage companies who practiced bad business and the citizens who were living beyond their means is show them they can do stupid things like this and the government will bail them out...no lesson is being learned to prevent this from happening in the future.

[JeRmZ]

Exactly OnePimp exactly.

From what I now read though, it looks like the "responsible" home owners may have the option for low cost refinancing or loan re-working. LOW COST?? HOW BOUT NO COST!!! Why should I have to pay again for the mortgage company to re-finance my house at a value it should have probably been financed at in the first place!!!

Oooooo I'm steamin on this one!!

[shortking98]

Exactly OnePimp exactly.

From what I now read though, it looks like the "responsible" home owners may have the option for low cost refinancing or loan re-working. LOW COST?? HOW BOUT NO COST!!! Why should I have to pay again for the mortgage company to re-finance my house at a value it should have probably been financed at in the first place!!!

Oooooo I'm steamin on this one!!

My opinion is that if you signed your name on the contract then you agreed to the price, too high or not