Upcoming Foreclosures

do government tax foreclosure sales put people out of their homes? these houses are sold off on such low prices because somebody couldnt pay their higher interest right? well... that puts them out of their house by force doesnt it?

list of government tax sale foreclosures in N.J.? listings of gov. tax sales/ foreclosures located in NJ.

Buy a home for $300 via Government foreclosure house sales...Is it for real? I have just seen a TV commercial about government tax foreclosure house sales. They were claiming that you can buy homes all across the US for as cheap as $300 or less. Is this for real? There must be a catch does anyone know? However If there isnt a catch how do i get started.

Has anyone heard of buying tax foreclosure property? I was told you can buy a house at one of these government tax foreclosure sales for about $600, and the house is worth a whole of alot more like a house of the value of $180,000. All you have to pay is the property tax light, water... and the house is legally yours? Has anyone else heard about this, is what I been told accurate? Where else can I find out about this type of sale my self, Thanks for your help.

Where can I find a list of free and clear Government Tax Foreclosure Homes for sale? So I was watching this infomercial on t.v. about how there are government tax foreclosure homes for sale for very cheap prices that I couldn't even believe they were true. Is this kind of business legit and if so where can I get started to start looking for a list of these homes that are available for buy. I kind of did a search on my own but most of these sites ask you to register with them to view pictures of the properties and so fort. Is there any sites or anywhere where I can get a free list or where I can begin getting more information on how all this process works?

Does property tax foreclosure happen across the USA? Hi im from the UK and can not beleive (dyslexic) that you can pay tax dollors and win property in government tax sales, right across the USA. I've done this in S.C twice and got lucky, so why is every one not rich over this. Perhaps the knoladge is to common and everyone knows a failure, so no body bothers with it, no scam, and no website selling repackaged public info, just interested..please write is it usa wide.

John Beck's Free & Clear Real Estate System: Is this for real or is it a scam? This one seems too good to be true, yet they claim that they can't claim that you can buy government tax foreclosure sales for pennies on the dollar unless it was true. Does anyone know about this company OR if you can really buy homes for only hundreds of dollars? Am I a big sap for even thinking this could be for real?

government foreclosures? I saw a bit on tv last night on government foreclosures. It said that because of back taxes the government will seize a property and then put it up for sale for hundreds to thousands of dollars. Is this true? Can I really buy such a property for only $1,000?

Is this the Liberal dream of tax that cripples economies? Bank and Tax Lien Government Foreclosures Trap Homeowners in NJ [Valid RSS feed] Category Rss Feed - http://www.realestateproarticles.com/rss.php?rss=265 By : John Cutts 99 or more times read Submitted 2010-12-04 14:10:42 With the high number of bank foreclosures and tax lien government foreclosures in New Jersey, most will probably expect people to be leaving the state in droves. However, most troubled homeowners have admitted that despite being on the brink of losing their homes, they are unable to make the decision to leave because of the potential losses that such a decision will incur. For those who own Elizabeth foreclosed homes, NJ and distressed properties in other areas of the state, leaving the region and selling off their homes to get out of the foreclosure mess are not very good options. For one, finding buyers willing to give them even half of the true worth of their properties had become even more difficult. For another, job prospects in other regions are as bad or might even be worse than what New Jersey has to offer. This scenario has become quite common among owners of New Jersey foreclosure homes, with local population data showing fewer people leaving the state since 2006 when the housing crisis started. As the number of bank foreclosures and tax lien government foreclosures increases, the number of New Jersey residents leaving the state decreases. According to a study conducted by economists from Rutgers University, over 76,000 people left the state in 2006. Last year, that number was down to over 31,000, representing an almost 60% decline. The drop in migration has been attributed by economists to two major factors. First is the declining value of properties due to huge supplies of foreclosure property for sale and the second is lack of employment opportunities in almost all parts of the country. They added that homeowners facing foreclosures are the most reluctant to leave since majority of them are unable to sell their homes at a price that will at least give them some return, no matter how small, for their investments. Economist also reveal that around 15% of homeowners in the state have underwater mortgages, which means that they pay higher rates for their loans that the worth of their properties. They further reveal that those who own bank foreclosed properties and tax lien government foreclosures are the most likely to stay in the state for quite some time. Author Resource:- Original Post: Bank and Tax Lien Government Foreclosures Trap Homeowners in NJ on Foreclosure-Support.com. http://www.realestateproarticles.com/Art/31569/265/Bank-and-Tax-Lien-Government-Foreclosures-Trap-Homeowners-in-NJ.html The Liberal agenda is that people cannot leave NJ without going totally broke due to taxes. Great way to keep people in NJ Liberals. We all know that won't last though cause sooner or later we won't be able to pay your taxes and then what.

Before buying at county tax auction?? I'm interested in buying land/lots at a county foreclosure sale in NC. I understand I should get a title search done before I even BID. Regarding liens - is it true that all non-goverment liens (mortgages..creditors) are wiped clean if property goes to tax sales? As I understand it...the county files/advertises Notice of Default three times..or for a period of time, giving opportunity for creditors to step forth and basically assume the county taxes in arrears. Government liens go with the previous owner or stay on the property?

why do you think that it's legal, or is not legal, for the federal government to tax your income? i've seen many posts on this forum lately in reference to an income tax revolt. well, if you will all chip in a lot of money...do you have it?...to pay an attorney to form a class action lawsuit and bring it all the way up to the u.s. supreme court and then argue it even more, you might have a lawsuit, but uncle sam will still tax you as you are fighting against these taxes, you can be certain of that. because i have seen so many questions about the legality of the federal government taxing you and i, i wish to know which of you think that these taxes are in fact legal and which of you don't think these taxes are legal, and why. in other words, although most of you are not judges and lawyers, if you are informed, how would you back up what you believe? please give sources, as i will give to you now. here is a very interesting little (big, really, if you don't believe that the federal government has the legal right to tax your income) article that shows why the 16th amendment was never legally ratified: http://www.givemeliberty.org/features/ta... if you disagree with the premises presented in this article, then please tell me why. now then, in my quest for The Truth, i also investigated answers itself to determine what the public felt, and i found this question, only one, that the asker did not bother to choose best answer for, but here goes: http://answers.yahoo.com/question/index;... one of the folks that answered (i myself don't think that the best answer award went to the best answer, i think that the best answer was ignored--it is below the award, which was an answers community vote, too bad) included a link to a discussion about the frivolity of lawsuits entered by individuals that refused to pay federal income tax, which, if you do not believe that the 16th amendment to the constitution of the united states is valid, and if you think that the laws are not ours, but are the government's, is an interesting read: http://www.irs.gov/taxpros/article/0,,id... i also wish to add that the above link refers to INDIVIDUALS that brought suit, but not a large group of american citizens who all believe that the 16th amendment was not legally ratified and that therefore, no federal income tax should be levied against us. (which reminds me, i want to state that we ourselves would be able to bring this country out of the depression that seems to be coming, immediately, if the comptrollers and accountants and bookkeepers of your employers did not HAVE TO take federal taxes out of your paycheck, since you'd sure have more buying power, enough, too, to make that mortgage payment if you are facing foreclosure)!!! (and, if those facing foreclosure could make those payments on time, they could get out of foreclosure and then the real estate market would get back to its historical cycle, which is this: 2 years a seller's market, followed by 5 years of a buyer's market, over and over and over again, so that income and savings can then buy those houses that got to be too highly priced in the 2 years of the seller's market... and i KNOW, because for 26 years i have owned quite a reputable real estate company and been licensed in IL, and i am very happy that i refused to participate in those risky loans that put so many people in deep, deep doo-doo as is proved today--i.e., i KNOW better by long experience and ethics that i disagree with taking that almighty commission buck by placing my folks into an impossible situation which they would then blame on me). (and take this as a given: i am published for writing of the real estate industry all about the real estate industry, so know that all of it, from unimproved land up to the sale of improved, built on, pieces, and all of those workers and materials that make it improved represents almost a THIRD of our GDP, so, it is damned important to our economy and it is important that those facing foreclosure pay their mortgages!!!). so then, i ask you, mr. or ms. john or jane q. public, is uncle sam illegally taking money from your income that you feel you could use wiser, in order to fund ITS programs, and to fund ITS very, very high employment rate, even today, when almost every other employment sector in the united states is telling us that they are laying off even more and more thousands of workers every day? and now i will present to you only the first of 12 youtube discussions by red beckman about the law that "never was," that show us how WE make the laws, because this is the united states of america, a republic, not a democracy, and not a fascist or communist state: http://www.youtube.com/watch?v=grjmnkj7L... which, if you say that you will revolt against the federal income tax, i ask you to really study up on what red buckman says in ALL 12 of these clips, because, you will need to tell your class action attorney to use these arguments to fight for you, and for me (because i, for one, want to retain more of my income--i really work HAR EDIT: which, if you say that you will revolt against the federal income tax, i ask you to really study up on what red buckman says in ALL 12 of these clips, because, you will need to tell your class action attorney to use these arguments to fight for you, and for me (because i, for one, want to retain more of my income--i really work HARD to get it, and don't you?). as is my habit, i will not give you a thumbs down if you happen to have different thoughts than i do, of COURSE not! but if you give me a one liner or can't back up your argument, i will give you thumbs down, but i will wait and let others that post answers to this question give them a TD themselves before i myself do it. whatever information you wish to include about yourself will interest me (age, education, geographical location, job, and so on). i'm making it 7 days, not 3, for you to answer so that you can delve into the articles/clips that are provided... BROWN950...: you should look at the first of the 12 clips that are all at the link i gave on youtube for the definition of common law. then i think you will think a little differently. i hope you edit and add to your answer after you watch that. EDIT: Dr. Science's links DO open, just clear your cache first. the first one is more interesting to me than the second one. well, if we want to change the tax laws via political activism, what route would you choose? i am an independent voter, are you? the reason i am (other than i don't want to vote a straight ticket) is because i do not want the parties to know WHO i plan to vote for. why don't more of you begin to look at the 3rd party candidates? there are the libertarian party, the constitutionalist party, and more. there is even a communist party. i think that the "apportionment" clause of the tax laws make it invalid, not only that it was not fully ratified as required by law. but put the two together and then ask ron paul. btw: if you wanted to categorize me with any party, you may as well call me a "paulista." that man knows about money! EDIT: it does not make sense to quote the internal revenue code as it applies to this question because you'd have to first have constitutional law before you go to any code, for anything, in this country.

National sales are down 0.04% and house foreclosures ar up 34%, so how long do we have to be bled by Obama`s..? failed economic ideas before it sinks into his head and that of his Democrat controlled government that their trillions of tax spending venture is a total failure?

Dems- what can we tax now? ohhhhh here's one: http://www.bloomberg.com/apps/news?pid=20601070&sid=aaNJtTeJaW_Q "Online Gambling Tax May Be Jackpot for Congress" Oooo how about this one: http://hotlineoncall.nationaljournal.com/archives/2010/04/dems_divided_bu.php "Congressional Dems are notably open to supporting some version of a value-added tax" AKA--->> A national sales tax above what ever the state sales tax is. http://www.cagop.org/index.cfm/capitol-update_1104.htm You better hope to God, that none of these CA dems ever make it to DC!!! What say you? CALIFORNIA TAXES:Hard-working Californians are paying one of the highest tax burdens in the country. Every day, Californians pay: 8.25% Sales Tax: Highest State Sales Tax Rate in the United States--- Franchise Tax Board 63.9¢ per gallon Gas Tax: Highest Gas Taxes in the Country---Tax Foundation 10.55% Income Tax: Second Highest Income Tax Rate in the United States---Forbes Magazine NEW DEMOCRAT PROPOSED TAX INCREASES:In spite of California’s high tax burden, and the fact that Californians are still digging out from under a $12.5 billion tax increase passed last year – the largest in state history – California Democrats in the Assembly and Senate have proposed more than a dozen measures this year to impose new or higher taxes on Californians, including: +$14 Billion: New Income Tax Increase on Californians– Democrat (AB 1836-Furutani), which would be a $14 billion tax hike over 5 years. +$1.4 Billion: New Taxes on Oil = Higher GasPrices– Democrats (AB 1604-Nava and AB 656-Torrico) , +Taxing the Miles You Drive:New Tax on the Miles People Drive– Showing they will pull out all the stops to find new ways to tax Californians, Democrat (SB 1299-Lowenthal). +25¢ per bag: New Grocery Store Bag Tax– Democrat (AB 1998-Brownley) that would impose a new green bag "fee" of at least 25 cents on each bag Californians use to carry home their groceries. +10¢ per can of soda:New Per Teaspoon of Sugar Tax on Soda – Democrats (AB 2100-Coto and SB 1210-Florez) to tax the soda that you drink to fund new programs. One proposal would add a one cent per teaspoon of sugar tax, which would amount to a 10 cent per can tax increase on a 12 ounce can of soda. +$3 per traffic ticket:New Tax on Traffic Tickets – Democrat (AB 2173-Beall) on the traffic tickets of Californians who may receive one, to pay for more government spending – a tax increase of $3 per traffic ticket. +Taxing Your Parking at Work:New Tax on Parking at Work – Democrat (AB 2640–Arambula) that workers receive for free or subsidized parking from their employers, treating this job benefit as taxable income. This would be a significant new expense on the wallets of working Californians. +4.8% Home Insurance Tax: New Home Insurance Policy Tax– With many struggling to avoid foreclosure, Democrats want to impose a new 4.8 percent tax (SB 1258-Kehoe) on the insurance policies of homeowners and property owners. This would be a $238 million tax increase in 2010-11 and a $480 million tax increase annually each following year. +$210 Billion?New Health Care Taxes– Democrats (SB 810-Leno) that would be paid for by a yet-to-be-determined new jobs tax, which could result in tens of billions in new taxes on employers and threaten job creation. A prior version of this scheme was projected to cost $210 billion annually. +$146 Billion?New Global Warming Taxes– Liberal bureaucrats at the California Air Resources Board are proposing costly new regulations to implement the global warming law, AB 32. A proposed "cap and trade" plan could result in $146 billion in new costs at $60 per ton of emissions, passed along to consumers, rate payers and taxpayers. +$420 Million?Repealing Job Creating Tax Incentives– At a time when the state’s unemployment rate is 12.5 percent and small businesses are struggling to stay open in California, Democrats (AB 1935 and 1936-De Leon) that will take away two job creating tax incentives (single sales factor and net operating loss carryover) that are critical for job creation. +Billions?Paving the Way for New Local Tax Increases– Democrats want to make it easier to raise taxes at the local level. They have proposed legislation (AB 2113-Evans) that would authorize cities and counties to establish local income taxes and car taxes, subject to a vote of the local electorate. DC- here they come?

Foreclosure & Filing Tax Return??? I have a question regarding my 2007 income taxes and a foreclosed property. A house I owned went into foreclosure which I then received the notice of sale about it being sold at public auction. According to the county's website, it was sold as a 'government sale' in 2007. The original purchase price of the house was 335K, then was refinanced at 400K. The property was sold at the auction for 366K. Does this mean I will have to claim the difference between the 400K and the sale of 366K, as income when I file my income taxes??? The FMV for the house is 381K. What exactly happens when I file my tax returns??? The bank transferred the second loan into collections and I received a letter stating I owe them 94K. So they are coming after me for the 94K, which 80K was the original total of the second loan, plus all the fees incurred.

Why should I pay my mortgage if I can get the tax payers to bail me out? Obama plans on stopping foreclosures! Why not let the government pay for my house? Or give me such a low interest rate that I can pay it off and resale it for a bigger profit? Or just sale it and move to a better nieghborhood? It is sad that you just support Obama and you don't hear what he says! He is now pushing to stop all forclosures! It's called a moratorium on all forclosures!!!

What's the deal with the Government not coming to the table with regards to these foreclosures? We all look for who to blame and the Government is quick to look all around for a resource however they were aware of what was happening to housing prices and at the time only stood by and watched property taxes increase in some cases 500%. Why are they not rolling back past due tax bills to the amount before the sale that caused the increase and apply the amount as a lien due in 10 years? The economy will not withstand their hard line approach. First 5, you have a point and I completely agree that it's the responsibility of the home owner. However I work in the industry and this thing is goin to hit the fan in the next few months if we don't do what we need to here rather than whats right. Do you realize that the sale of an REO property in your neighborhood hits your home value in the immediate area by as much as 27%? Who do you think pays for all of this if the banks most effected by this cease to exist and leave a trail of debt in their wake. I'd rather pay now than wait till things get really bad. All of you out there in their 40s and 50s remember the S&L problems in the 80s don't you? Besides I suggested a bond type lien, not a bailout gift. Please reread the question till you get it. Foreclosure Fish has the right idea, however the negative impact of expensive Government involvement is already in place with the programs created. It's as though Local Government has a trashbag full of money and when the trashbag gets a tear they increase the costs to the tax payer to buy more trash bags. It's already costing us money, as well most lenders required an impound account to make sure taxes and insurance on the property are maintained. I've found that most lenders are not just absorbing the cost of the P&I but in many cases the T&I as well. One of my Loss Mitigation clients owed 12k in back payments and an additional 15k in taxes and insurance so local government has not even begun to feel the pain yet... who do you suppose they're going to run to when they stop getting paid. Further, you cannot tell me that the costs to operate local community has increased to the same 500% degree as property tax revinue.

DEFLATION cannot be stopped now , or can you counter these fine reasons? 1) Higher Taxes. In some states like California we see higher retail sales tax. In states like Illinois they have raised fees in certain areas. In some parts of California, parents now have to pay for their children to play high school sports. We see early signs of increased taxes and fees. This issue is not terribly significant now though. In the last depression tax rates didn't go up until a few years after the meltdown. So, this could be a slow process of increasing taxes and taking away loopholes for the wealthy. But any increase is a decrease in net incomes. That impacts consumer spending and the affordability of real estate. Higher taxes and fees are negatives for two of the most important parts of the economy. 2) Wage Deflation. We see wage deflation now mostly in the world of contractors. I have several clients who have cut salaries by 10% twice. I have clients who have moved employees to part time which allowed the employer to get rid of benefits. Here's where I see the next waves of wage deflation: First, as the bank industry consolidates over the next few years there will simply be too many bankers in this world. Greater supply and lower demand will force bank compensation downward. Secondly, many sales people are going to get a haircut, especially those with high base salaries. In a slow sales environment, companies won't pay top level salaries, and will move to a more commission based platform. Lastly, the biggest current issue is the layoff of unionized municipal workers. Where in the world is a policeman going to go to work after being laid off and make $100,000 in salary with $50,000 to $150,000 in overtime, not to mention their benefits package. Policemen, Firemen, teachers, etc. are so specialized in their training, there is no way for them to integrate back into the world without taking a 25-60% total compensation cut. Everyone in the world is focused on the budget deficit issue for so many states and cities. What gets lost in that issue is that the correction in budgets requires lower compensation from those fired and later in the cycle from those who get to keep their jobs. In the case of California we are going to lose a great number of people who make well over $100,000 per year. Wage deflation is one of the integral parts of a deflationary cycle because it guarantees lower consumer spending and real estate affordability. Again, two of the most important parts of the economy. The layoffs coming from municipal governments this year and next will guarantee wage deflation moves forward. 3) The Next Wave of Residential Foreclosures. Last year I wrote the following: We've experienced a large wave of residential foreclosures in this country, and there is another wave pending. The next wave stems from the Alt A. and Option ARM programs underwritten during the real estate bubble. Many of these exotic loan programs come with low teaser rates or flexible loan payment structures that only last for the first few years of the loan and then convert to a fully amortizing loan payment at a higher rate. And guess what: Home Foreclosures Jump to Record Level in United States, No Big Surprise Like clockwork, the residential foreclosure wave has come right on time. As a banker, this was one of the easiest things to see coming. At the core of a deflationary cycle is a correction in real estate far greater than anyone can see. This wave of foreclosures will create a supply of financially distressed real estate in the market in one form or another (foreclosures or short sales). We should see this push prices lower again. Lower real estate values create several issues. Declining real estate values impact consumer confidence and spending. This lowers retail sales taxes. Lower real estate values pressure real estate tax revenue collections lower for municipal governments. Reduced retail sales and real estate taxes guarantee continual budget deficits forcing municipal layoffs, and cuts to salary and benefits, which lowers income taxes, which again hits the budgetary issue. Wage deflation and declining real estate are the two key ingredients of deflation. Declining real estate will also put more banks out of business, which will force more bankers out of work, and again thereby decreasing income taxes for states. A consolidating and struggling banking industry will tighten down credit like no one has seen and businesses will not get funded. It's this category where you get the visual of a cycle of deflation. Every wave down or negative impact causes another and another negative impact, like dominos falling. 4) Non Primary Residential Real Estate (Farms, Vacation Homes, Commercial, and Multi-Family). Within this category let's focus on commercial real estate: Commercial Mortgage Backed Security Delinquency Rate Rising Fast. Again, as a banker that's provided financing on commercial real estate for th 5) The Local Municipal Government. This might be the hottest and most contentious topic at the local level of government: States and cities face a daunting task to cure budget deficits. We are witnessing layoffs that collectively across the nation will mount to big numbers. There are roughly 20,000,000 municipal workers. If we cut just 10%, that's another 2,000,000 in unemployed. Once again, that impacts consumer spending and real estate affordability, pressuring real estate values down, and collectively they impact retail sales tax, real estate tax, and income tax collections. Again, this pressures budget deficits in the future.

Is an individuals income "personal property" (not taxable) and is the 16th amendment abused by the IRS. The 16th Amendment reads: The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration. The Supreme Court defines "income tax", as an excise tax "imposed with respect to the doing of business in corporate form". With tax on property, gas, sales, heating, communications, cable, auto registration, inheritance, lottery winnings, capitol gains, home sales, home buying and even foreclosure the government is completely over taxing like never before. Question is, if the federal reserve bank is privately owned by anonymous individuals and corperations, why am I sending my money away without there being an accounting of how the tax collected is spent? Isn't this taxation without representation?

Short Sale Approved in WA and further Tax Complications? I have bought a home in Seattle WA with all the dreams on September 2009 for $266,500 and we lived happily until March 2011 but due to job i had to move to Texas. And i have approached a Realtor to put the house on sale due to my financial situations and i no longer was able to pay my Mortgage. To my surprise the property value in my community took a dive and my house was only valued at 200000 and my Realtor suggested that i had only two option a. Short Sale and b. Foreclosure And since i don't want to walk out i made my mortgage payment for couple of months and opted for a short sale but unfortunately due to medical expenses i could not continue my mortgage payment and stopped paying my mortgage. And on the third month i got my short sale request approved with a buyer with more value than the buyer has offered and the buyer does not want to buy it so the House came to the market again. Fortunately i got another buyer and the bank approved the short sale after 6 months on November. Now the house is in the closing process and i was worried if i have to pay the tax on the balance amount of 60000$ for the Tax year 2011 since the bank waived the balance and approved the short sale. I know for sure i have to pay back the allowance amount of 8000$ i got from the Government but not sure about the amount that was waived by the bank. The approval letter i got from the bank states "Wells Fargo N.A Bank has approved the sale of the above referenced property This sale will result in a short payoff of the mortgage, and the mortgagors(s) acknowledge they waive any and all the rights to any escrow balance, insurance proceeds or refunds from prepaid expenses, Neither the mortgagors nor any other party may receive any sale proceeds or any funds as a result of this transaction except as noted in this demand statement. As agreed, when we receive the sale proceeds and all required documentation, we will notify the credit bureau to reflect 'Agreed settlement short of full payment' which would appear on the credit report within 60-90 days from the sale date and within 60 - 90 days from the date of notification and waive any deficiency rights if applicable" My Questions are: 1. What are the Tax Complications i would face after this Short Sale. 2. I have paid mortgages until July and spent all the money to maintain the house including HOA, Water, Electricity and GAS and cleaning and Maintaining lawns etc. Can i itemize in this year tax return? Please advise. 3. I also have 6800$ medical expenses for this year. 4. Since i have moved to Texas from WA i have spent almost 8000$ for the moving expenses. Appreciate your reply! Please advise. Please let me know if i will get relief from this act. H.R. 3648, the "Mortgage Forgiveness Debt Relief Act of 2007." The legislation is effective for discharges of indebtedness on or after January 1, 2007 and before January 1, 2010. The Federal Bailout Legislation H.R. 1424, passed on October 3, 2008, extended this relief through December 31, 2012. This house was my primary residence and i currently live in a rented apartment.

How is Florida real estate getting better? Florida is one of the states most affected by the mortgage crisis. The most accessible loans available in this market are FHA loans. After qualifying for an FHA loan I initially thought the difficult part of being a first time home buyer was behind me. However, it would seem that the journey has just begun. Most communities do not meet the requirements for FHA approval. The most common reason is the high foreclosure rate. The community of interest must also be current on HOA fees, there must be a certain percentage of home owners to investors and other such conditions must be met for an FHA approval. With all these regulations and restrictions associated with an FHA loan it is not difficult to imagine that even this type of loan may become obsolete. The dilemma now is not whether you will exceed your budget but whether the available homes within your budget will qualify for the loan type. With all fairness I am obligated to mention that conventional loans or cash sales do contribute to recent sales. The requirements for a conventional loan in Florida are not realistic. Where some borrowers may be able to contribute 10% down payment the newly required 25% down payment to say the least is a stretch on nearly anyone's budget not to mention the budget of a typical first time home buyer. Investor are buying at extremely low prices with cash and conventional loans. FHA loans cannot compete with these investors due to all of the restrictions and rules that they must adhere to. The increasing of number purchases by investors in a neighborhood/community further limits opportunities available to FHA first time home buyers. As a result investors and not "home owners" are benefiting from the low market rates. I have concluded from my observations that the so called homes sales increase doesn't fully disclose the underlying problem. The true rate of available homes and foreclosures properties are not represented in the market. Banks are slowly trickling inventory into the market while the excess or "ghost inventory" remains hidden in their vaults in an effort to manipulate market values. I have also noticed another disturbing trend. Yes, single family homes, townhouses and condos are at an all time low. However, where FHA approval is not available home prices are much lower than market values. One would initially think this is in their best interest but these homes are primarily only available to investors due to requirements and restrictions placed on FHA loans. Where homes are FHA approved this results in homes being listed and maintaining the inflated prices. The limited homes available especially ones built in 2005 and 2006 are in high demand. As a result a new type of bidding war is ensues. Potential home owners of low to moderate income cannot compete with investors of whom recent sales can be attribute to. I expect home prices will continue to fall. Do you predict a change in the way the real estate market and lenders addresses these new issues and it's direct connection to lower home prices? Do you think the government will relax some of the FHA regulation to combat these issues? (which in itself has pros and cons associated with the outcome for home buyers). Finally do your foresee a new program/stimulus that will assist first time home buyers in the near future once this $8,000 tax credit expires? I live in Pompano beach area. I thinking of buying in palm beach county. That market is over saturated with town homes and condos.... Over saturation can be a good or bad thing.

Income Taxes and Foreclosure? I have a question regarding my 2007 income taxes and a foreclosed property. A house I owned went into foreclosure which I then received the notice of sale about it being sold at public auction. According to the county's website, it was sold as a 'government sale' in 2007. The original purchase price of the house was 335K, then was refinanced at 400K. The property was sold at the auction for 366K. The FMV for the house is 381K. I had 2 mortgages on the house totaling 400K. My question is this, which difference will I have to claim as income when I file my 2007 taxes? The diff between 400K and 366K (Auction Price) or 400K and 381K (FMV Price)? Also, what are the chances that the bank will sue me for the 400K?

serious business if you think you are going to be a smart axx don't message me only those who want to help me. Then, read it through carefully and correct the errors by inserting the proper punctuation marks or deleting those that are incorrect. Post the revised copy in the provided text box. Foreclosure Filings Hit Record High By Kenneth Musante, CNNMoney Posted: 2008-05-14 13:00:31 NEW YORK (May 14) -- US foreclosure filings reached a record high in April rising almost 65% over the previous year and putting municipalities at risk by cutting into the value of taxed property according to a study released Wednesday. Some 243,353 households nearly one in 519 received a foreclosure filing during April according to the US Foreclosure Market Report from RealtyTrac an online marketplace that tracks foreclosed properties That was up 4% from March, and surpassed the record of 239,851 set in August 2007. It's "the highest monthly total we've seen since we began issuing the report in January 2005 said chief executive James J. Saccacio in a statement. RealtyTracs measure of foreclosure filings includes notices of default auction sales and bank repossessions According to the report, 54,574 were fully repossessed by banks in April. Property tax plunge: The record number of foreclosures added their weight to an already saturated real estate market pulling down home prices Plunging home values reduce the money that cities villages and towns collect in property taxes. In particular jeopardy are parts of Nevada California Arizona and Florida whose states maintained the highest foreclosure rates, according to RealtyTrac. "For example the city council in Vallejo Calif. - part of a metropolitan area with a foreclosure rate that ranked sixth highest in the nation in April - last week voted to have the city file for bankruptcy said Saccacio. The state of California had the second-highest foreclosure rate in the nation up 112% over the previous year and affecting about one in 204 households The top spot among states was held by Nevada which maintained a foreclosure rate 3.6 times the national average affecting about one in 146 homes. Nationwide single-family home prices have fallen 7.7% since the beginning of the year to the lowest level since at least 1982 according to the National Association of Realtors and data from real-estate broker Zip Realty showed that the number of houses on the market grew by 3.5% in April. With more homes being seized by banks, local governments also lose out on tax revenue from sale transactions. "It's really hitting the municipalities from multiple fronts said RealtyTrac marketing vice president Rick Sharga in an interview. Ten hardest hit metro areas: Cities in California and Florida have been particularly hard-hit. Areas in those states accounted for 9 of the top 10 metropolitan foreclosure rates. The California metro areas of Merced Stockton Modesto and Riverside-San Bernardino took the top four spots. In Merced one out of 66 households was hit by foreclosure in April. In Florida Cape Coral-Fort Myers came in at number 5 Port St. Lucie-Fort Pierce and Fort Lauderdale came in at numbers 9 and 10. Also making an appearance was Las Vegas a city that had seen heavy real estate speculation at number 7 with one in 116 households receiving foreclosure notices. As Congress debates plans to prop up troubled homeowners the foreclosure rate shows little signs of slowing. Delinquent mortgage payments which lead to foreclosure will likely rise over the next six to 12 months according to a key mortgage trend statistic from First American CoreLogic. Copyright 2008 CNNMoney 2008-05-14 06:06:18

Massachusetts question 1....I NEED HELP!!!!? Ok, so the question is whether or not to appeal the state income tax, which accounts for about 5% of yearly income. I need some in depth information on it so that I can make a enducated decision to better my government...Well I was going to vote No, and then my mom said shee was voting yes, and then gave me all her reasons...now i dont know what to do...i'll give you the info i already know...but i need some more indepth info, like the kind people really dont want us to know, if you understand what im saying... Pro: 1. Ending the income tax will give back $3,700 average, each to 3,400,000 Massachusetts workers and taxpayers. Not just once. Every year. This tax cut is a $3,700 a year pay raise for you and your neighbors. 2. It will take $12.5 billion out of the hands of Big Government and put it back into the hands of the men and women who earned it. 3. Ending the income tax will create hundreds of thousands of new jobs in Massachusetts. 4. It will force the state legislature to streamline and cut government waste. 5. It will force the state legislature to get rid of failed, flawed Big Government programs that don’t work and that make things worse. 6. Ending the income tax will make the legislature accountable to workers and taxpayers – instead of government employees, lobbyists and special interests who profit from high government spending. 7. It will allow Massachusetts to become a magnet to productive businesses and individuals. 8. It will help millions of families to pay for the rising cost of gas, food, and heating oil and to pay off credit cards, school loans, and other debt. It will save thousands of families from home foreclosure and bankruptcy. 9. By making the Massachusetts tax burden more affordable, more of our young people will be able to stay in Massachusetts near their family, friends, and homes. Con: Cut 12.5 billion dollars Cut funding for schools, resulting in the loss of jobs and better education and extracurricular activities Cut many state paid jobs, like police, fire, ambulance as well as many other government employees.... Cut funding for town repairs, like roads... Raise property taxes...(people think its not fair that non-property owners shouldnt have to pay...but its the non-property owners that need that extra 5% more than anyone, maybe they can save it to eventually own their own property some day...but its generally them who cannot afford that extra 5%, so i think it is good that it would work in their favor) Raise college tuition Raise state bond rating Raise state sales tax Tolls would rise those are just some things I already know, i just want a better indepth understanding of this, or if you think that any of this would happen, on either side....any information is GREATLY appreciated... Thanks a bunch! HAPPY ELECTION DAY!!!

Do you think Foreclosure Bill will help the average person? Thinking this may be a help to consumers? Wait until you read what the people who you elected are going to do. First of all this bill is ‘bi-partisan’ and was voted ‘yea’ at 84-12. The Senate has proclaimed it as a package designed to help businesses and homeowners ‘weather the housing crisis.’ The supporters of the bill in the Senate also acknowledge it does little to help borrowers losing their homes. it actually does nothing to help them at all, there are no provisions for those in duress. For Builders The plan gives them large tax breaks. Over a three year period no less. The same guys who made huge fortunes building homes and condos at inflated prices the last 6 years. For investors $7000 tax credits for buying foreclosed properties. This can include big businesses like lenders. Buying a foreclosed home means going to a foreclosure sale. At this time this will mean 99-100% lenders tax credit as no one else will be there. $4 billion in grants for communities to buy and fix up abandoned homes. Grants will probably be given to those that can afford to buy lots of those homes, like large investment firms, lenders, and builders. Local Joe Public will see little of this in my opinion For the oil companies and their ‘renewable energy divisions.’ $6 billion in unrelated tax breaks. This tax break goes against the Senates own rules regarding revenue increases. Well, you elected corrupt people to lead, what did you expect. The businesses that made the most money in the last 10 years were Oil companies. They are the ones that will get this $6 billion tip. What the heck is this doing in a foreclosure bill? Other notes The plan modernizes the FHA to allow more people to refinance into loans back by ‘the depression-era agency.’ So, if you have good credit and payment history, the FHA will be there for you. Of course that helps no one in trouble at all. Rumors of what the House will do when it receives it. Try to reject 25 billion in tax breaks to ‘money-losing’ businesses like home builders. I think, if I were to be cynical, that only 'money-making' home builders will get this. The House seems to want to drop the tax credit for buying foreclosed properties. Maybe they are afraid too many regular people may be able to buy a foreclosed home? For the people $150 billion for pre-foreclosure counseling and stronger loan disclosure requirements. The only 'foreclosure counselors' will be your lenders. The only ones doing disclosure requirements will be your lenders. Lenders, say hello to another 150 Billion, thanks for the memories. Tax breaks for ‘first-time’ home buyers and investors in low income rental housing. You could sum this up as 'Nobody and slum lords.' A separate house bill would be paired with it that gives $300 billion to refinance loans for 1 million+ homeowners who ‘might face’ foreclosure. Keyword 'might', this means if you are in foreclosure or probably cannot stop heading towards it you will not be eligible. This is a sad joke. The White House George Bush, the President, ‘opposes’ the plan but has no plans to veto the final version coming from the House. Thanks for 'almost' George! The Bush administration countered those plans Wednesday with its own, far narrower, proposal. It would expand an existing FHA program to allow more homeowners who are facing large rate hikes to refinance into more affordable government-insured loans And this will preclude everyone in trouble or who already faced huge rate hikes

Which of these families deserves government mortgage help? Please tell me which of the following families deserves government mortgage help: A. single mother with three kids. working, never married, child support erratic at best. bought a house in 2006 with a 5/1 ARM subprime loan. can't afford payments now that the introductory low interest rate is ending. B. married couple with two kids. both were working in 2005 when they bought a house using an alt-a loan. she lost her job in 2007 and her new one pays less. his self-employment business is slowing as his customers feel pinched and do without his service due to the "recession". two months behind on payments with reset to higher rate in November. C. married couple without children. Lost their house to foreclosure in 2007 after he was disabled in a work accident. Disability wasn't enough to continue making the payments after his medical costs soared. D. 83 year old widow. Owns her house free and clear, but can't afford the property taxes and insurance because houses in her neighborhood tripled in past ten years due to easy money loans and thus many buyers. Now can't sell as the market has crashed. Six months past due on property taxes. E. couple with two college age children who re-fi'd their house in 2006 to pay their childrens' tuition. Closed a 401k to make tuition payments in 2007 and borrowed from relatives to pay again this fall. House is 45 days past due but older child doesn't graduate until December 2010. F. Retired couple whose only regular income is small pension plus social security. Their retirement assets in stock market have taken a beating this year. Borrowed in 2004 against their house when he had a heart attack that caused his early retirement [which crippled his pension]. Rising costs of gas and food have made them 30 days past due and they have no way to catch up without further damaging their retirement assets. G. Manager and stay at home wife with two children in public school. He lost his job two years ago -- it was outsourced to China. Now works at Home Depot, but the money isn't 1/3rd of what he used to make. Still looking for that managerial job, which costs hundreds a month in extra costs. they've gotten their foreclosure notice and are thinking about filing bankruptcy to buy time. H. Market trader and retired wife who lost $125,000 when his short sales were arbitrarily ended by SEC order in this financial crisis. Hasn't made trading profit since last October. Now two months late and getting daily phone calls from mortgage servicing company asking for money he can't pay if he is ever to recover his losses in the markets. I. Retired couple who saved and planned out their retirement for last 25 years. Retired in 2007 owing nothing, but living off 401k payouts and social security. their assets are down 25% so far in this recession and they'll have to cut costs next year, which means short selling the house into increasingly bad market and paying bank off on the loss over next who knows how many years [if ever]. J. Sixty something widow whose assets were wiped out by husband's death via Alzheimer Disease and private nursing home for 4 years. Has only Social Security now as all their retirement assets except the house went to pay the nursing home. Took a mortgage in 2005 to pay off the husband's medical bills and burial. *** please tell me which, if any, of these families deserve government help in staying in their home or recovering their home. This question has no political point to make and is solely to gather information regarding what the Y!A public thinks America's public policy should be. While all of these situations are real to some family, I carefully crafted each of them to show a case where the people involved arguably are losing or lost their home because some other part of our economic system had a breakdown. In theory, none of these deserve government mortgage help, imo. Some of them needed either less or more government in some other part of their lives and because of that issue, were financially savaged to the point of losing their home. Afaic, the mortgage industry should NOT bear the brunt of other failures in America's systems -- doing so only distorts the economy even further. Did the mortgage industry have its own failures? YES. Mostly, they had a failure of spine. They didn't stand up to Congress and HUD in the 1990s when both needed to be told that their rules were requiring the banks to write bad loans that shouldn't have ever been made. Big government needed to be told "NO".

I know it sounds naive but if government causes a person directly to lose their livelihood or their home? Is there a law that prevents this person from bringing suit against government? For example, the stringent laws of Miami and Miami Dade county concerning the many rules and regulations for operation of businesses like woodworking, car mechanics, car painting, (and just about all others), I can understand. Though many of these inflexible rules have caused many to not be able to create a better life for themselves and their family, simply because the least expensive ones where it's legal to work, are remote and thus non productive, while the very expensive ones are hardly affordable anymore. But even the simplest of things such as someone setting up a yard sale; even on a Saturday an inspector will show up and person is admonished. It has happened to a church even! But now with a huge tax increase for home and business owners, not only will thousands more lose their home, but while those houses sit waiting for foreclosure to take place and for an investor-buyer to buy it afterwards, the cities and counties are not making the necessary money to tend to the citizens' needs. And yes, a local businessman is trying to recall the county mayor (and probably most of the commissioners). But in reality who will respond for those deeply hurt by these actions? Has ever in the history of the U.S. a lawsuit by a citizen brought a reverse to governments' purposeful carelessness?

When will we see Chelsea Clintons tax returns? Chelsea Clinton works for a hedge fund, whose founder is a big contributor to Hillary's campaign. They specialize in buying up foreclosed real estate and bankrupt companies, then sell at a profit. As the economy tanks, the fortunes of the Clinton's will grow exponentially. Stepen Schwarzman, a hedge fund manager, made $5.1 billion last year. John Paulson, another fund manager made $3 or $4 billion last year from mortgages. Greenspan is an advisor to Paulson. It's a perfect scam, business conditions so harsh, bankruptcies rising, homeowners facing foreclosure, and behind all this is Chelsea Clinton, rushing in to buy up the assets for pennies on the dollar at the bankruptcy sale. Then later, after a government bail out the assets will rise and the Clintons will get richer and richer. Remember when Hillary earned $100,000 in pork bellies off a $1,000 investment? You ain't seen nothing yet. Can you see this coming at you like an atom bomb? American Capital Group. look it up if you don't know it.

i need help with some of my history ?s its a 200 question test? ...Question 2 The proper term describing the U.S. economy after the depression is a. easy credit. b. low interest. c. margin buying. d. bear market. ..Question 2 Food was given to the needy in a. shantytowns. b. breadlines. c. El Congress. d. the Department of Food and Agriculture. ..Question 3 The bill to establish a Federal Emergency Relief Board was a. passed by Congress. b. supported by Hoover. c. not passed. d. suggested by a columnist for the New York Times. ..Question 4 The President's Committee for Unemployment Relief a. found jobs for the unemployed. b. encouraged donations to private relief agencies. c. distributed surplus crops. d. handed out aid to states to administer. ..Question 5 Congress and state governments funded several public-works projects a. at the request of the Communist Party. b. at the request of taxpayers. c. at the request of businesses. d. at Hoover's request. ..Question 6 Farmers banded together to save farms from a. low interest rates. b. falling crop prices. c. foreclosure sales. d. the Smoot-Hawley Tariff. ..Question 7 Some economists felt the depression was caused by a. unequal distribution of wealth. b. crop failures. c. high import taxes. d. too few goods for sale. ..Question 8 Many economists said the depression was a. a result of import restrictions. b. a product of scientific management. c. the fault of the unions. d. part of the business cycle. ..Question 9 At the height of the depression the number of unemployed workers reached about a. 1 million. b. 15 million. c. 50 million. d. 100 million. ..Question 10 How many people of Mexican descent were pressured into leaving the country? a. 500,000 b. 250,000 c. 825,000 d. 100,000 ..Question 11 Which of the following was NOT an effect of the depression? a. divorce rate rose b. birthrate declined c. more marriages took place d. there were more suicides ..Question 12 Among the most popular films of the era were a. gangster movies. b. newsreels. c. silent films. d. historic re-creations. ..Question 13 Nathanael West presented the American dream as a nightmare in a. The Sound and the Fury. b. Miss Lonelyhearts. c. Studs Lonigan. d. As I Lay Dying. ..Question 14 Who promised to put the political and economic system “at the service of the people”? a. Herbert Hoover b. Andrew Mellon c. Franklin D. Roosevelt d. A. J. Muste ..Question 15 Many stock speculators put up as little as 10 percent of the price of a stock when they a. bought on margin. b. expected a merger. c. had their brokers demand cash. d. dumped millions of shares. ..Question 16 How did the average American lose money during the bank crisis of the 1930s? a. The Great Depression lead to an increase in bank robberies. b. The Great Depression lead to an increase in embezzlement by bank officials. c. Banks failed due to a lack of cash reserve, causing anyone who had money in the bank to lose the money in their account. d. The stock market crash lowered stock prices in banks, which caused many banks to merge. ..Question 17 African Americans were often a. the first workers to be laid off. b. able to live with friends. c. concentrated in rural areas. d. managing factories. ..Question 18 Which group believed that capitalism was the cause of the Great Depression? a. Progressives b. Communists c. Republicans d. Democrats ..Question 19 Which of the following was NOT a method that Americans used to escape from the hardships of the Great Depression? a. Going to the movies. b. Watching television with the family. c. Cheap novels and comic books. d. Free radio programming. ..Question 20 The global economy suffered because of? a. the Communist government in Russia. b. trade embargoes placed on nations as punishment for their role in World War I. c. the massive war debts owed by nations after World War I. d. large corporations put profits ahead of the common good.

The Ramsey 3 step bail-out solution? On the Dave Ramsey website I found this plan. In a way it sounds very good. Maybe too good. I actually like it so far, Can you take a look at it and tell me what you see that is wrong? Could ti really be this simple? Or this cheap? Here it the text of the plan. I will list the link below. The Common Sense Fix Years of bad decisions and stupid mistakes have created an economic nightmare in this country, but $700 billion in new debt is not the answer. As a tax-paying American citizen, I will not support any congressperson who votes to implement such a policy. Instead, I submit the following threestep Common Sense Plan. I. INSURANCE a. Insure the subprime bonds/mortgages with an underlying FHA-type insurance. Government-insured and backed loans would have an instant market all over the world, creating immediate and needed liquidity. b. In order for a company to accept the government-backed insurance, they must do two things: 1. Rewrite any mortgage that is more than three months delinquent to a 6% fixed-rate mortgage. a. Roll all back payments with no late fees or legal costs into the balance. This brings homeowners current and allows them a chance to keep their homes. b. Cancel all prepayment penalties to encourage refinancing or the sale of the property to pay off the bad loan. In the event of foreclosure or short sale, the borrower will not be held liable for any deficit balance. FHA does this now, and that encourages mortgage companies to go the extra mile while working with the borrower—again limiting foreclosures and ruined lives. 2. Cancel ALL golden parachutes of EXISTING and FUTURE CEOs and executive team members as long as the company holds these government-insured bonds/mortgages. This keeps underperforming executives from being paid when they don’t do their jobs. c. This backstop will cost less than $50 billion—a small fraction of the current proposal. II. MARK TO MARKET a. Remove mark to market accounting rules for two years on only subprime Tier III bonds/mortgages. This keeps companies from being forced to artificially mark down bonds/mortgages below the value of the underlying mortgages and real estate. b. This move creates patience in the market and has an immediate stabilizing effect on failing and ailing banks—and it costs the taxpayer nothing. III. CAPITAL GAINS TAX a. Remove the capital gains tax completely. Investors will flood the real estate and stock market in search of tax-free profits, creating tremendous—and immediate—liquidity in the markets. Again, this costs the taxpayer nothing. b. This move will be seen as a lightning rod politically because many will say it is helping the rich. The truth is the rich will benefit, but it will be their money that stimulates the economy. This will enable all Americans to have more stable jobs and retirement investments that go up instead of down. This is not a time for envy, and it’s not a time for politics. It’s time for all of us, as Americans, to stand up, speak out, and fix this mess. So whatbdo you think?

Alternative to Bailout Pla, will you sent it to your Congressman? Years of bad decisions and stupid mistakes have created an economic nightmare in this country, but $700 billion in new debt is not the answer. As a tax-paying American citizen, I will not support any congressperson who votes to implement such a policy. Instead, I submit the following three steps: Common Sense Plan. I. INSURANCE A. Insure the subprime bonds/mortgages with an underlying FHA-type insurance. Government-insured and backed loans would have an instant market all over the world, creating immediate and needed liquidity. B. In order for a company to accept the government-backed insurance, they must do two things: 1. Rewrite any mortgage that is more than three months delinquent to a 6% fixed-rate mortgage. a. Roll all back payments with no late fees or legal costs into the balance. This brings homeowners current and allows them a chance to keep their homes. b. Cancel all prepayment penalties to encourage refinancing or the sale of the property to pay off the bad loan. In the event of foreclosure or short sale, the borrower will not be held liable for any deficit balance. FHA does this now, and that encourages mortgage companies to go the extra mile while working with the borrower—again limiting foreclosures and ruined lives. 2. Cancel ALL golden parachutes of EXISTING and FUTURE CEOs and executive team members as long as the company holds these government-insured bonds/mortgages. This keeps underperforming executives from being paid when they don’t do their jobs. C. This backstop will cost less than $50 billion—a small fraction of the current proposal. II. MARK TO MARKET A. Remove mark to market accounting rules for two years on only subprime Tier III bonds/mortgages. This keeps companies from being forced to artificially mark down bonds/mortgages below the value of the underlying mortgages and real estate. B. This move creates patience in the market and has an immediate stabilizing effect on failing and ailing banks—and it costs the taxpayer nothing. III. CAPITAL GAINS TAX A. Remove the capital gains tax completely. Investors will flood the real estate and stock market in search of tax-free profits, creating tremendous—and immediate—liquidity in the markets. Again, this costs the taxpayer nothing. B. This move will be seen as a lightning rod politically because many will say it is helping the rich. The truth is the rich will benefit, but it will be their money that stimulates the economy. This will enable all Americans to have more stable jobs and retirement investments that go up instead of down. This is not a time for envy, and it’s not a time for politics. It’s time for all of us, as Americans, to stand up, speak out, and fix this mess.

The 3 step bail-out solution? On the Dave Ramsey website I found this plan. In a way it sounds very good. Maybe too good? I actually like it so far, Can you take a look at it and tell me what you see that is wrong? Could it really be this simple? Or this cheap? Here it the text of the plan. I will list the link below. The Common Sense Fix Years of bad decisions and stupid mistakes have created an economic nightmare in this country, but $700 billion in new debt is not the answer. As a tax-paying American citizen, I will not support any congressperson who votes to implement such a policy. Instead, I submit the following threestep Common Sense Plan. I. INSURANCE a. Insure the subprime bonds/mortgages with an underlying FHA-type insurance. Government-insured and backed loans would have an instant market all over the world, creating immediate and needed liquidity. b. In order for a company to accept the government-backed insurance, they must do two things: 1. Rewrite any mortgage that is more than three months delinquent to a 6% fixed-rate mortgage. a. Roll all back payments with no late fees or legal costs into the balance. This brings homeowners current and allows them a chance to keep their homes. b. Cancel all prepayment penalties to encourage refinancing or the sale of the property to pay off the bad loan. In the event of foreclosure or short sale, the borrower will not be held liable for any deficit balance. FHA does this now, and that encourages mortgage companies to go the extra mile while working with the borrower—again limiting foreclosures and ruined lives. 2. Cancel ALL golden parachutes of EXISTING and FUTURE CEOs and executive team members as long as the company holds these government-insured bonds/mortgages. This keeps underperforming executives from being paid when they don’t do their jobs. c. This backstop will cost less than $50 billion—a small fraction of the current proposal. II. MARK TO MARKET a. Remove mark to market accounting rules for two years on only subprime Tier III bonds/mortgages. This keeps companies from being forced to artificially mark down bonds/mortgages below the value of the underlying mortgages and real estate. b. This move creates patience in the market and has an immediate stabilizing effect on failing and ailing banks—and it costs the taxpayer nothing. III. CAPITAL GAINS TAX a. Remove the capital gains tax completely. Investors will flood the real estate and stock market in search of tax-free profits, creating tremendous—and immediate—liquidity in the markets. Again, this costs the taxpayer nothing. b. This move will be seen as a lightning rod politically because many will say it is helping the rich. The truth is the rich will benefit, but it will be their money that stimulates the economy. This will enable all Americans to have more stable jobs and retirement investments that go up instead of down. This is not a time for envy, and it’s not a time for politics. It’s time for all of us, as Americans, to stand up, speak out, and fix this mess. So what do you think? Here is the link to the site: http://www.daveramsey.com/etc/fed_bailout/index.html

The 3 step bail-out solution? I am asking the same question yet again because I an honestly looking for more feedback. I have received some that I like, but so much is based on emotions and not facts. How about some facts! I do not like the idea of giving a hand out to anyone. but lets face facts-there is going to be some type of program passed-congress just can't pass it up. They LOVE doing this stuff! If I have to have a bill forced on me, this is the idea I like best so far. On the Dave Ramsey website I found this plan. In a way it sounds very good. Maybe too good? I actually like it so far, Can you take a look at it and tell me what you see that is wrong? Could it really be this simple? Or this cheap? Here it the text of the plan. I will list the link below. The Common Sense Fix Years of bad decisions and stupid mistakes have created an economic nightmare in this country, but $700 billion in new debt is not the answer. As a tax-paying American citizen, I will not support any congressperson who votes to implement such a policy. Instead, I submit the following threestep Common Sense Plan. I. INSURANCE a. Insure the subprime bonds/mortgages with an underlying FHA-type insurance. Government-insured and backed loans would have an instant market all over the world, creating immediate and needed liquidity. b. In order for a company to accept the government-backed insurance, they must do two things: 1. Rewrite any mortgage that is more than three months delinquent to a 6% fixed-rate mortgage. a. Roll all back payments with no late fees or legal costs into the balance. This brings homeowners current and allows them a chance to keep their homes. b. Cancel all prepayment penalties to encourage refinancing or the sale of the property to pay off the bad loan. In the event of foreclosure or short sale, the borrower will not be held liable for any deficit balance. FHA does this now, and that encourages mortgage companies to go the extra mile while working with the borrower—again limiting foreclosures and ruined lives. 2. Cancel ALL golden parachutes of EXISTING and FUTURE CEOs and executive team members as long as the company holds these government-insured bonds/mortgages. This keeps underperforming executives from being paid when they don’t do their jobs. c. This backstop will cost less than $50 billion—a small fraction of the current proposal. II. MARK TO MARKET a. Remove mark to market accounting rules for two years on only subprime Tier III bonds/mortgages. This keeps companies from being forced to artificially mark down bonds/mortgages below the value of the underlying mortgages and real estate. b. This move creates patience in the market and has an immediate stabilizing effect on failing and ailing banks—and it costs the taxpayer nothing. III. CAPITAL GAINS TAX a. Remove the capital gains tax completely. Investors will flood the real estate and stock market in search of tax-free profits, creating tremendous—and immediate—liquidity in the markets. Again, this costs the taxpayer nothing. b. This move will be seen as a lightning rod politically because many will say it is helping the rich. The truth is the rich will benefit, but it will be their money that stimulates the economy. This will enable all Americans to have more stable jobs and retirement investments that go up instead of down. This is not a time for envy, and it’s not a time for politics. It’s time for all of us, as Americans, to stand up, speak out, and fix this mess. So what do you think? Oops-I forgot the link! Look under Common Sense Fix: http://www.daveramsey.com/etc/fed_bailout/index.html

It has been a year, when will Obama's programs start helping the economy? Unemployment continues to stay agonizingly high! Unemployment claims raise an "unexpected" 11,000 this week to 440,000! http://finance.yahoo.com/news/Retail-sales-fall-apf-1551827594.html?x=0 Forclosures remain terribly high! foreclosures up again in December, Record high foreclosures for 2009 http://apnews.myway.com/article/20100114/D9D7AN7O0.html Retail sales fall in the critical sales month of December, sales well below the pace of sales in 2007. http://finance.yahoo.com/news/December-retail-sales-drop-03-apf-3350007934.html?x=0&.v=9 Now the government wants to punish banks even those that have paid back TARP funds with INTEREST! http://apnews.myway.com/article/20100114/D9D7FIMG0.html And who is going to get punished by this tax on banks? Would it be people who barrow from banks through higher interest rates or people who save with banks through lower savings interest rates or bankers? Is Obama and his advisers just morons or are they trying to consciously damage the economy

MR.GINGRICH ! Do you want to use my job creation project (14.5 million jobs) to win the presidential election? I have a job creation project which can create 14.5 million new jobs - by 2012/13/14- in almost every job sector, without taxpayer's money ! I can say, It's cost : $ 0 ! This project can be the savior of the U.S.economy and unemployment ! With my project,the U.S.Government can save for example about $100 billion unemployment benefit and $68 billion foot stamps costs per year. This project can create less budget deficit and more income tax ! Can help reduce the country's unemployment,foreclosures,and the increase of poverty ! The United States biggest problem is the job creation ! When they speak about job creation,everybody thinks of manufacturing and sale,road constructions,bridges,green energy,tax break,...etc. I have a brand- new idea in a different sector where we can create 14.5 million new jobs in almost every job sector ! I know, lots of people don't like this sector, but the most important that we can create jobs, thanks to the DEVELOPMENT OPPORTUNITY of this sector ! This is the sport-entertainment sector, especially the SOCCER ! Nobody thought about this sector but the United States has no other choice to create (immediately) millions of new jobs because all the other sectors are FULLY DEVELOPED ! The soccer is the ONLY SECTOR that needs to be developed and can be developed in the U.S.A., while creating millions of jobs ! (The constructions alone will create about 6 million new jobs !) Explanation :The population of the USA is 310 million. Nearly 24.5 million American play soccer, according Federation International Football Association. The number of soccer cubs are 94 (only 16 professionals Major League Soccer teams/clubs). The population of Europe is about 380 million. The number of soccer clubs are about 10,000 ! There are thousands of professional,half-professional and amateur clubs For example : Population of Austria is 10 million (like as NC or NJ in the USA) but the number of soccer clubs are 208 ! Population of Denmark is 5,5 million, (like as Kentucky) but the number of soccer clubs are 102 ! In Ohio (population is 10 million) we have only 1 professional club, in New York (population is 19.5 million) we have only 1 professional club,...etc. We have millions of talented girls,boys,college players ! What is their perspective after their studies? What is their future in the soccer ? We have only 16 professional Major League Soccer teams and 78 registered amateur or half-professional teams for 310 million people ! The USA is a super developed country of the World ! But in this though economy ,the USA is a lucky country, because it is the only developed country in the world, where the soccer isn't developed yet ! That is why we can use this UNIQUE OPPORTUNITY to invest to finally develop this sport and also create 14.5 million new jobs ! Our politicians are inaccessible for me ! I sent hundreds of letters,fax and e-mails about this project. Nobody paid attention, nobody examined my proposal ! MR.GINGRICH ! Do you want to be the next President of the United States ? Yes ?! Please use this job creation opportunity ! This will be the Key of elections 2012 ! 14.5 million guaranteed jobs = You are the next President of the USA ! The sector (soccer) is not important factor ! Only the job creation opportunity is important for you ! Do you need to use my proposal in your presidential debate for your victory ! MR.GINGRICH , Do you want ?

When are we home owner who work hard and live within our means and pay our mortgage going to speak up? I am a sixty year olded home owner my wife and I have owned our home for thirty-two years we have sacificed and strugged to pay our mortgage and raise our childred , 5 years ago a family moved 2 houses over from us they have four of the wildest kids with no respect for their neibors , in the 5 years they have live there they have bought 2 new SUVs ,clearly living well beyond their means, last year I guess it finilly caught up with them ,we found out that the husband worked as a teacher's aide and the wife worked as a asst manager for a Burger King , Thier house was being foreclosed and a for sale sign appeared on the lawn that had cut only a few times in the past years next to the toy and junk that alway seem to be in the yard, we were so happy, then the sign disappeared, come to find out they had made a deal with their mortgage company to delay foreclosure and will see if the government will bail them out now mind you the big SUVs are still there she barely works anymore , If this living large in over their head family get some of my tax dollars to bail them out, it will be a disgrace to hard working familys who work hard ,live within our means , pay taxes and our mortgage , I have been a life long Dem had high hopes for Obama ,but if this family get one dime of my tax dollars they will lose me , my only hope is that before monies are spent , is that someone looks at these foreclosures and weed out these irrsponsive people like this , I guess I will see before the year is out ,, will they be gone ,or will there be a new SUV in the driveway.I can only pray that there some oversight and not turn this into another form of welfare..

Should stimulus funds be used to allow developers to buy foreclosed houses? The stimulus provided $2 billion for HUD's new Neighborhood Stabilization Program that provides funds to state and local governments to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight within their communities. These funds are in addition to the $3.9 billion provided for the same program in the Housing and Economic Recovery Act of 2008 (enacted last July). While HUD has yet to distribute the $2 billion provided in the stimulus, a recent review by the Los Angeles Times of a similar program launched in 1998 indicates what kind of results we might have to look forward to: Congress launched the program in 1998 to clear the Department of Housing and Urban Development's books of foreclosures and provide affordable housing. Local governments would buy the homes for $1, fix them up and resell them at a discount to poor families, who would get a chance to put down roots in the community. More than 2,300 homes have been sold by HUD for $1 each nationwide, with 326 in California. Nearly half of the homes in California were bought by companies or individuals who typically resold them at a much higher price. The city of San Bernardino bought more Dollar Homes -- 62 -- than any other city or county in the state. But San Bernardino officials could not provide The Times with any account of what happened to the homes after they were sold. Using county property tax and assessor records, federal bankruptcy files and real estate listings, The Times tracked every property sale to San Bernardino under the program since 2000. Among the findings: * At least 43 of the 62 homes were sold to housing contractors and investors. Within months after purchase, nearly all were resold, and for an average of three times the original sales price. Despite their track record, San Bernardino received $8.4 million from the first $4 billion for the Neighborhood Stabilization Program. Source: http://www.latimes.com Great use of stimulus money yet again!

Housing Woes Bring New Cry: Let Market Fall [Details inside...]? The unexpectedly deep plunge in home sales this summer is likely to force the Obama administration to choose between future homeowners and current ones, a predicament officials had been eager to avoid. Over the last 18 months, the administration has rolled out just about every program it could think of to prop up the ailing housing market, using tax credits, mortgage modification programs, low interest rates, government-backed loans and other assistance intended to keep values up and delinquent borrowers out of foreclosure. The goal was to stabilize the market until a resurgent economy created new households that demanded places to live. As the economy again sputters and potential buyers flee — July housing sales sank 26 percent from July 2009 — there is a growing sense of exhaustion with government intervention. Some economists and analysts are now urging a dose of shock therapy that would greatly shift the benefits to future homeowners: Let the housing market crash. When prices are lower, these experts argue, buyers will pour in, creating the elusive stability the government has spent billions upon billions trying to achieve. “Housing needs to go back to reasonable levels,” said Anthony B. Sanders, a professor of real estate finance at George Mason University. “If we keep trying to stimulate the market, that’s the definition of insanity.” The further the market descends, however, the more miserable one group — important both politically and economically — will be: the tens of millions of homeowners who have already seen their home values drop an average of 30 percent. ... Source: http://www.nytimes.com/2010/09/06/business/economy/06housing.html?src=busln Your thoughts?

How ae you going to celebrate ' Labor' Day? It's a grim joke to speak of Labor Day as a celebration of labor. Donald Kaul By Donald Kaul Ah, Labor Day, the holiday when we honor Organized Labor. You know, unions and stuff like that. Yes, there'll be picnics and speeches detailing the enormous contribution unions make to our nation's prosperity. Political candidates will extol the virtues of the American worker and… Wait minute. I think I've picked up the wrong script here. This is an old one — so 20th-century. Once upon a time, Americans celebrated the labor movement on Labor Day. But that was a long while ago, B.R. (Before Reagan). Most Americans have long since ceased viewing life through the prism of the working class. Americans are consumers first and foremost. We like to buy things. Unions, with their insistence on livable wages, pension plans, and health insurance, are an impediment to that desire. They drive up prices. I don't think that there's been a time in my life that unions have had a worse public image. Public unions have been particularly under siege. They've been forced to give ground on benefits, wages, seniority rights, and pension guarantees. In Wisconsin — home of the iconic progressive Bob La Follette — the governor has fought hard to take away their bargaining rights. It's a grim joke, then, to speak of Labor Day as a celebration of labor. Fourth of July Lite is more like it. The Great Recession has sliced through American workers like a scythe, cutting them off at the knees. Unemployment is chronic and entrenched, having hovered around 9 percent for more than two years. Foreclosures continue apace and workers who do find jobs are getting them at significantly lower wages than their previous jobs paid. Many are losing their health insurance, and the public schools they send their kids to are being starved for funds by destitute cities and states. Republicans in Congress say the answer to all of these problems is to cut government to the bone and beyond. Old people, poor people, and young people all have to share the burden of debt reduction. No government function is so sacrosanct as to be spared the knife. Except… (walknboston / Flickr) (walknboston / Flickr) Except when it comes to taxing the well-to-do and filthy rich. GOP lawmakers argue that millionaires are the economy's job creators, and if they're not making money, they won't create any jobs. A reasonable argument, except for the fact that they're making money already. And where are those jobs? CEO pay at large companies soared 27 percent last year. Profits are up too. Bankers, hedge fund managers, and stock brokers are raking it in. Things are so good for the richest of the rich that sales of mansions costing $20 million or more are up in the Los Angeles area. The stock market performed well in the first half of the year too. Where are the jobs? Why aren't these sultans of finance and industry hiring people, lending money, and doing something for the economy? I don't know, maybe they're too busy shopping for $20 million mansions. I do know this. My father spent his life working in tool and die factories in and around Detroit. My mother worked, on and off, in dress shops. They were able to own their own home, send their son to a fine university, and give him a few extra bucks when he was struggling to raise a family of his own early in his career. My father even had a boat that he dragged around on a trailer. When they retired, they moved to Florida. It wasn't a lavish life, but it was a good one, made possible in part by the fact he worked in a union town and a unionized industry. It's a life, I'm afraid, that isn't going to be available to lower-middle-class kids entering a non-unionized workforce today. Certainly not if Republican lawmakers have their way. Don't worry about the people in the $20 million homes however. They'll be just fine. Happy (ha ha) Labor Day. Horse head? You are right it is about the workers. But then without the unions you wouldn't have that labor day, so you wouldn't get that day off and nothing to celebrate. But no celebrations this labor day for the people not working.

What do I need to know before buying a home? Hi. We recently put our home for sale-short sale. We bought it back in 2007 for 700,000(in Anaheim, CA.) Today its value is 415,000 a little more or less. We are selling it because we tried to get a modification in late 2008 to lower our montly payments(with lawyer & Aurora bank. It lasted over a year and we did not get it.) The payments were 4,600+ almost 5,000. We really like the area we live in and will look to see if we can get one thats in a nearby street, behind us. Hopefully we can because the house prices are lower & the agent that is selling our home will help us find a new home or so she says. You can't really trust these guys. I just wanted to know what they ask, what you need to buy a home thats 300,000-430,000. What are the qualifications? Are taxes included in the monthly payments not just once a yr now its every month? How much is down payment? Is the government really giving money to some people to help them buy a home? What about escrow? Is short sale or foreclosure homes good buys? My parents both work. They've been working in the same place for 20+ yrs. We rent to 3 relatives to help out. We asked our agent that is selling our home but she doesn't explain very well. For example- I saw on a website that the estimate for the montly payments for our home now for the new owners will be 1,808. My mom talked earlier today to the real estate agent and she said its 3,500+ close to 4,000 monthly payments are now. I don't get it. If homes are cheaper this yr & last yr why are payments still high? Thanks My dad wont be affected because he wasnt on the mortgage thing. We had help getting the home in 2007. It actually elped my dads credit he had none & by him making the monthly payments on time etc it boosted his credit. Hes working on getting more so he can buy a home on his own and so is my mom.

Cadidate X or Candidate Y? Candidate X Promises and Plans: 1.)Establish a $10 billion Foreclosure Prevention Fund 2.)Provide $10 billion in Relief for State and Local Governments 3.)Hardest-Hit by the Housing Crisis to Prevent Cuts in Vital Services. 4.)Extend and Expand Unemployment Insurance 5.)Provide a Tax Cut for Working Families 6.)Eliminate Income Taxes for Seniors Making Less than $50,000 7.)Simplify Tax Filings for Middle Class Americans 8.)Fight for Fair Trade 9.)Amend the North American Free Trade Agreement 10.)Improve Transition Assistance 11.)Invest in our Next Generation Innovators and Job Creators 12.)Double Funding for the Manufacturing Extension Partnership 13.)Invest In A Clean Energy Economy And Create 5 Million New Green Jobs 14.)Create New Job Training Programs for Clean Technologies 15.)Boost the Renewable Energy Sector and Create New Jobs 16.)Create a National Infrastructure Reinvestment Bank 17.)Invest in the Sciences 18.)Make the Research and Development Tax Credit Permanent 19.)Deploy Next-Generation Broadband 20.)Provide Tax Relief for Small Businesses and Start Up Companies 21.)Create a National Network of Public-Private Business Incubators 22.)Ensure Freedom to Unionize 23.)Fight Attacks on Workers' Right to Organize 24.)Protect Striking Workers 25.)Raise the Minimum Wage 26.)Protect Homeownership and Crack Down on Mortgage Fraud 27.)Address Predatory Credit Card Practices 28.)Reform Bankruptcy Laws 29.)Work/Family Balance 30.)Expand High-Quality Afterschool Opportunities Candidate Y Promises and Plans: 1.)Workplace Flexibility 2.)Relief for Families 3.)Government Reform 4.)Supporting Small Businesses 5.)Cheap and Clean Energy 6.)Better Healthcare 7.)Simpler and Fairer Taxes 8.)Lower Barriers to Trade 9.)Expanding Domestic Oil And Natural Gas Exploration And Production 10.)Taking Action Now To Break Our Dependency On Foreign Oil By Reforming Our Transportation Sector 11.)Investing In Clean, Alternative Sources Of Energy 12.)Protecting Our Environment And Addressing Climate Change: A Sound Energy Strategy Must Include A Solid Environmental Foundation 13.)Promoting Energy Efficiency 14.)Addressing Speculative Pricing Of Oil 15.)DC Personal Protection 16.)The Confiscation of Firearms After an Emergency 17.)Cut The Corporate Tax Rate From 35 To 25 Percent 18.)Seal the Pork Barrel 19.)Stop the Revolving Door and Restore Ethics 20.)Democracy is Not for Sale 21.)Excellence, Choice, and Competition in American Education 22.)Comprehensive Immigration Initiatives for a Secure Nation

I own my home w/no mortgage payment, title is in my name, my fiance & I are moving in January question is? my fiance has her own house titled in her own name with a 200k mortgage loan owned by the government and a home equity line of credit of 25k totaling 225k debt...The house value in today's market is probably 140-180K maybe. The mortgage is too high to just keep the house for rent because she'll probably end up paying for part of the mortgage and taxes paying @ least 5k a year for both. I don't think its worth the time and effort try and keep tenants in the house and to pay money up front to just get the money back @ tax season. Selling the house is going to take years unless the bank agrees on a short sale and the bank agrees to take a loss on the mortgage, even so, you'll be paying a years worth of mortgage payments just to try to sell the house to save your credit before it goes into foreclosure anyways right? why lose 20k in money if the house goes into forclosure anyways??? I say...tell the bank your hardship, make no payments for 12 months and let it go into foreclosure, since were moving to a new house and the bank could possibly give you a few thousand dollars for keeping the house in good condition when you leave it. Your credit will go sour for a few years but why keep paying on something you never wanted in the first place? I don't believe the bank will garnish her wages for the mortgage loan or the equity line of credit, they take back there asset, which is the home... what should we do?

How can anyone be happy with Obama? Today I found out I lost the house I have had a contract on since last April (2009). I was attempting to buy a house in short sale, the house went into foreclosure and so I have been waiting a long time for the banks/FDIC to get it all together so we could close. Well, Obama signed in a new law (July 2nd, 2009) forcing people who have had their homes foreclosed to return to their homes and in turn forcing the banks to refinance. The alternative for these people is to file bankruptcy (which some have already done, and others have found a solution to just barely stay financially afloat). This may sound like a great solution for all the unfortunate families who have recently lost their homes, but in truth it is a disaster. Who is to say these people can afford or even want to move back? In my case, the house I was attempting to buy was owned by a family who were over their head with a double mortgage. They were forced to foreclose and have since downsized and purchased a new home. Now with the new law they will be forced to return to their previous home or face bankruptcy. They will have to find a way to sell their current home, which of course is very difficult in today's economy. The previous owners do not want to return, they can’t afford the move, nor the wait to sell their current home, which they probably won’t even be able to sell in today's economy. As for me. I am losing close to $2,500 in money spent on contracts etc. I of course have no rights and will not be able to recoup my losses. Thousands of foreclosed homeowners are dealing with similar situations. For some this may be a blessing if they are still searching for a new living situation. Of course this doesn't teach any lessons other than to live beyond your means and don't worry about the consequences because the government will bail you out. Be financially responsible and get screwed. For others they are facing difficult decisions deciding what to do with their new lives and the homes they are being forced to return to. Then for all the buyers, who have been in contract to buy these foreclosed homes and begin to repair the hole in the housing industry. Well they are all SOL and out a lot of money, like me. Believe me, with my meager salary that is cut in half by taxes, $2,500 is SUBSTANTIAL!!! So I ask you, where are our freedoms going and why do we just let the government take them? How does this stimulate an economy? All I can foresee is a rise in bankruptcy and a lot of people losing money. Of course there are tons of other issues we can discuss that provide similar examples our diminishing freedoms, and the socialization of our country. Such as, when 80% of the general population is happy with the health care system yet government chooses to change it, control it, and force their plan down our throats. How can anyone be happy with Obama?

What is the definition of monetary infidelity between a husband and wife? In 2000 I inherited a $250,000 ranch home from my Grandmother, free and clear, no mortgage, here are the keys, just pay the taxes and utilities, OK..... to make a long story short, I married my husband 1 year before. We took a home equity loan to update the kitchen. I had to sign loan papers because I was the sole deed holder. Here comes "my bad", I had no idea and it was never explained to me that somewhere in the loan documents I was "putting him on the deed as a co-owner of my family home. At this point it gets complicated, as he had a federal government job as a letter carrier with a gross income of $60,000 a year. He also had a failed back surgery and became addicted to pain killers. Here comes the ugly part... he was unable to go to his $60,0000 a yr job because he began to abuse said pain killers in a way that rendered him bed ridden as a result of withdraw from eating them like candy. He continued to take loans on the home, as now he had carte blanche, and wanted only to abuse drugs and withdraw, consequently taking loans that would pay the bills while he was in an active addiction. He used my family home as his personal ATM. There were times we were cold, hungry, and desperate. My home is now in foreclosure and we have until Feb 22 for the sheriffs sale. My question is.. what rights do I have in so far as proving monetary infidelity and should I seek legal advice or is it all just a wash?

why don't the states lottery start a new game for the people that are losing their homes? We all want a way out of foreclosures; this problem is bad for all of us. Well think about it as the house gets foreclosed on next door to you and your value of your home goes down even more, you lose more money. Stop the foreclosures and stop the short sales. Do you want to pay higher taxes? Do you want to bail out more lenders with your hard earned money? No I didn’t think so. We will pay for this one way or another. So how do we help ourselves and help keep our future taxes down? We need to help every one out of this and we need to do it now. We need to ask the help from our state and federal governments and we need them to make it tax-free. As we know everyone likes a chance to win some money. So lets give them a chance and help us all at the same time. I think but not sure, that all states have a state lottery. We start a new game and call it help the foreclosures or whatever you would call it. How it would work is you pay $1.00 per play at a chance to win the jackpot a small amount of the jackpot one-person wins, the rest of the jackpot would go into a drawing for the people in foreclosure. Now these people all have numbers assigned to them for this drawing and for future drawings and what they would get is $50,000 to give to their bank as part of their mortgage payment now the bank or lender takes the money and rewrites the mortgage. That person now can afford their mortgage payment. We as losers get our value back in our home and pay less taxes and a chance at winning the jackpot. If we would do this for a few years we could get all of us back on track and have some fun doing this. Just think if we would get jackpots of $20,000,000.00 plus we could help out 400 hundred people at a time, times that by all the states that’s a lot of people and it’s fast. Talking to some of the experts?? They tell me it will be the year 2023 before we see our values of our homes comes back to 05 levels? Maybe 2026? But really who knows when they will. Well that’s to long for me and I most likely will be dead by then?? So if we don’t help ourselves no one will… so lets help out now so we don’t pay higher taxes later. You know you will and your kids will too if this continues. I urge you to contact your state government and the fed’s too. Tell them to use this plan to help us all. A few dollars now will save you big bucks in the future. would this work? A tax on the poor and statistically challenged well maybe it is. But people play every week in my state and they play a lot of money. That money could be used for the good of everyone not just one and the game wouldn’t be forever. We could also use the money that all the law enforcements get when they bust someone. Confiscated money. Drug money that was to go to Mexico or wherever? I know there’s a lot there $millions. If I had control I would take any money from any place I could to use it for this. The schools and states don’t need it they just waste it anyways and they will get it back in a couple of years. (They don’t need a pay increase most people who are laid off or just getting rehired only make $7.40 an hour now). Hospitals I would not give a dime to the way they charge are you kidding. Check your bills they over charge on most of them. One in 10 Americans, wow it only takes one in 10 to pull the value of your home down this much. Hope, hope it doesn’t get to 2 to 10 .

What do you think of the Dave Ramsey "common sense fix" plan? http://www.daveramsey.com/media/pdf/the_common_sense_fix.pdf Years of bad decisions and stupid mistakes have created an economic nightmare in this country, but $700 billion in new debt is not the answer. As a tax-paying American citizen, I will not support any congressperson who votes to implement such a policy. Instead, I submit the following threestep Common Sense Plan. I. INSURANCE a. Insure the subprime bonds/mortgages with an underlying FHA-type insurance. Government-insured and backed loans would have an instant market all over the world, creating immediate and needed liquidity. b. In order for a company to accept the government-backed insurance, they must do two things: 1. Rewrite any mortgage that is more than three months delinquent to a 6% fixed-rate mortgage. a. Roll all back payments with no late fees or legal costs into the balance. This brings homeowners current and allows them a chance to keep their homes. b. Cancel all prepayment penalties to encourage refinancing or the sale of the property to pay off the bad loan. In the event of foreclosure or short sale, the borrower will not be held liable for any deficit balance. FHA does this now, and that encourages mortgage companies to go the extra mile while working with the borrower—again limiting foreclosures and ruined lives. 2. Cancel ALL golden parachutes of EXISTING and FUTURE CEOs and executive team members as long as the company holds these government-insured bonds/mortgages. This keeps underperforming executives from being paid when they don’t do their jobs. c. This backstop will cost less than $50 billion—a small fraction of the current proposal. II. MARK TO MARKET a. Remove mark to market accounting rules for two years on only subprime Tier III bonds/mortgages. This keeps companies from being forced to artificially mark down bonds/mortgages below the value of the underlying mortgages and real estate. b. This move creates patience in the market and has an immediate stabilizing effect on failing and ailing banks—and it costs the taxpayer nothing. III. CAPITAL GAINS TAX a. Remove the capital gains tax completely. Investors will flood the real estate and stock market in search of tax-free profits, creating tremendous—and immediate—liquidity in the markets. Again, this costs the taxpayer nothing. b. This move will be seen as a lightning rod politically because many will say it is helping the rich. The truth is the rich will benefit, but it will be their money that stimulates the economy. This will enable all Americans to have more stable jobs and retirement investments that go up instead of down. This is not a time for envy, and it’s not a time for politics. It’s time for all of us, as Americans, to stand up, speak out, and fix this mess. Im not asking this question for myself. I'm in no danger of foreclosure. I'm asking this question for in general purposes. I want people's opinion.

What employment in the Real Estate Industry is available BESIDES being an agent? Thanx----------------------!! I am just curious what employment opportunities there are in the real estate industry. Besides of course a real estate agent. I not interested in being an agent. I am pretty familiar with real estate. I am looking to see what employment (self employment/other) is out there. Please Exclude Opportunities Related To: Tax Sales Foreclosures Fixer Uppers Etc. I have basic knowledge in working with planning/zoning so im not a complete fool when it comes to Real Estate. Ive purchased books on sub-dividing......etc..my father was a builder, and im not interested in that.....what can you think of?? What people have you known in the real estate industry besides these jobs that I have listed above? Also I am extremely financially stable due to a loophole that I have found in the government system. In a few years I would like to be a private lender. I know from experience how much money is made there. Also I would like the freedom to be outdoors and not cooped up inside all day, thx!