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Government Property Tax Foreclosures Knowledge Base
where can I find connecticut government tax foreclosure property? I need free listing only. Please let me know how can I buy foreclosure property and what is difference compare to normal property.
Hey, Is It Cheaper To Buy Foreclosures or Government Tax Properties?? I am new to this so please correct me if I am wrong here: 1. Foreclosure properties are sold by institutions such as banks when someone defaults (fails to pay) on the loan. They can be dirt cheap or still pretty pricey depending on how much of the loan had been paid off. 2. Foreclosures are not the same as Government Tax Properties. 3) What are Government Tax Properties? Do they cost as low as 300 bucks? And do you own the entire property after just paying 300 bucks - or whatever the cost is? That seems too cheap that I feel it is a scam. 4) Any other cheap ways of buying properties?
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.
What's the deal with government tax foreclosure properties? Are they a good deal or are there hidden risks? I'm referring to the tv ad that advertises big profits on buying these properties. I'm of the general opinion that if its on one of those tv ads, there's got to be a pretty big catch somewhere. Anyone out there know if or what it is? Thanks
How do I find government tax foreclosure properties in my area How do I pay off the taxes and take over the house
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.
Buying government tax-foreclosure properties at pennies to the dollar? How is it possible that infomercials state that properties that government tax- fore-closure properties are selling for literally 2 or 300 dollars online?....This obviously cannot be true but how can they get away with making such sensational and impossible claims? Doesnt that break some better business bureau law somewhere? Are there any elements to this idea that are true? What is and what isnt? Can you buy a house that is in the final step of foreclosure like you see on web sites like trulia.com for only a coupl thousand or so for 3 bedroom nice houses?...How does this work, how do you buy a house that went into total foreclosure scott-free? I would apreciate any advice about investing in houses with out huge amonts of money down or even good credit..Thanx everyone :) Are house auctions the only way to really buy houses at a discont price? And where and when do houses get sold cheaply at auctions?
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?
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?
Can I get a government grant to purchase property for real estate to sell? I have an idea that I think could earn me a fortune but I'm not clear about if its possible. I have located many houses that are vacant either because of taxes or bank foreclosures. I like to get a government grant and purchase the properties and turn around and sell them. Is this possible or not.
School/Property Tax Question? Why is it that most states make home owners pay school/property taxes regardless of whether they have children or not? And in turn, why don't people who rent and have children not have to pay these taxes? I believe that most first time home buyers don't know and are not educated on the extra expenses that taxes add to their mortgage payments and/or overall annual housing costs. Why isn't this explained better (i.e. all online mortgage calculators should be mandated to allow added tax costs to figure out the TRUE monthly mortgage payment)? Could this play a major contributing factor to the rise in foreclosures in America? Why can't local governments see that if they started charging school taxes to families that have children regardless of their mortgage or renting status that it would be better for the school systems and make it a better and a more fair economy? People may not be so apt to have alot of children if they know they have to pay school taxes whether they owned or rented
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.
The government was supposed to help with mortgage foreclosures where do you get info and help? I am one who got stuck in an ARM and in the meantime had a child and get no support whatsoever. I heard the government was supposed to have programs to help individuals from loosing their homes. I am not delinquent but my rate will adjust AGAIn in December and I can't afford it on top of my 2007 & 2008 property taxes and student loans and income taxes I owe from taking larger weekly exemptions to make ends meet. Anyone know of any programs that might help me? I am barely making it now and my payment will go up $80 and more every 6 months. I have rocky credit and my value of my home has gone down, live in the wonderful state of Michigan. All I want it the government to help me refinance. Where might I find info? I contacted my mortgage company (Ocewen) and they tell me I can afford another $200 per month.....where the hell they get that is beyond me!!! All I want it so keep from loosing my home! Any point in the right direction would help!! Sweetest Thrill - Didn't your mom teach you if you have nothing nice to say don't say anything at all! I'm not asking for a handout I'm asking for help to keep my house and keep paying the debt I owe and not walk away from it letting it go into foreclosure which will add to the pool of monies taxpayers are footing!!! You must not live in one of the states that are getting hit hardest with this wonderful state our economy is in. And let me guess you probabaly have a job that's not getting hit as well! My income has dropped because I work for an asphalt paving company. If you know anything about asphalt you know a major part of it's make up is OIL!!! And now they've had to cut our bonuses and raises to keep above water and the business operating. So to defend myself to your ignorant comments, if my income didn't get cut and if the housing industry wouldn't have plummeted I would be fine!!
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?
Is unrestrained capitalism the dream of the elites and the vehicle to totalitarian government? Pick a rich guy --- no not that neighbor down the road who only makes a couple hundred thousand a year or even a few measly couple of million Pick a real rich person ----- billions in assets and thousands of acres of land with control of 100's of thousands of jobs Now lets call him "Bob" a nice common name Bob and his buddies own the majority of the land have most of the money and control most of the labour force in the nation --- Bob and his buddies make up less that 2 % of the population own the banks the media the arms manufactures industry of all kinds and loan money to governments of the elected Your national deficit can be doubled or halved by a stroke of a pen ---- change the interest rates of the loans to government and increase the deficit over night 1 million owed --- interest 5 % -- monthly debt 50,000 Stroke of a pen by the owner of the bank who lent the money to the government 10 % ---- monthly deficit 100,000 over night News coverage by the same group who owns the bank and the media ----government policy increases deficit by enacting such and such a program Public outraged Lay offs ? Foreclosures ? Rent increases ? Wages ? All controlled by the same 2 % Is unrestrained capitalism the dream of the elites and the vehicle to totalitarian government ? Bob controls the regional government and thereby has massive influence or outright control over your property tax the purchasing power of your dollar and the governments policy Bob and his buddies control the debt the deficit the rate of taxes the labour pools and owns most of the land and has massive influence over the portions he does not own He controls which corporations succeed which do not which politicians will be covered and in what light which politicians to ignore or vilify the educational policy your children will be subjected to or liberated by which products will or will not be available and when trade barriers are or are not to be used If this situation was to be described 100 yrs ago --- Bob would be Lord Bob and the biggest of Bobs inner circle would be called King the local owners of industry that existed because of their loyalty to Lord Bob would be called Barron or Earl The smaller defenders of Bob's Kings policies and stances would be called Sir Former Prime Minister Diefenbaker ( conservative) called the above Asiatic chaos which lead to 2 classes of person --- the owned and the owner In the past this system of Feudal Lords came with an opposition --- the church Europe was going from a theocracy to a State sponsored governance The last vestige of this is the idea of sanctuary from the State in a church You will notice the only 2 groups that are exempt from property tax to this day are the State and the church The other difference is that in that feudal arrangement ownership came with responsibility for the owned persons That responsibility in an unrestrained capitalist society has been completely removed and the idea of it vilified to the point where the people are disgusted by the mere concept Ownership of old --- the Lords Sir's Barons and Earls have it all -- and with absolutely no responsibility Wouldn't that be the wet dream of any upper echelon billionaire ?
If persons donated their homes before foreclosure is it a tax deduction? Homelessness is on the rise so if so many empty houses and so many homeless persons were united by tax donations to the non profit sector to begin housing units for homeless. The government then or would reimburse donators and they could get rid of their white elephants to persons in need and the taxes would only need to be paid due to gift and exchange of properties after a realistic appraisal?
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.
Climate change, cap and trade, universal healthcare all just covers for the Federal government being broke? It's not that I'm cynical but I've been following the money so-to-speak. You remember right before Christmas when congress passed a $300B emergency budget for 3 weeks? They said if they didn't the federal government would collapse. Interestingly, that comes out to a little over $5T a year, pretty close to Obama's $4.7T budget for this year. Part of that budget included assumed savings from healthcare reform and cap and trade. Even with these assumed savings it would leave us with another $1.5T added to the deficit. China has begun selling off the U.S. debt, leaving me to wonder how much more of our debt is China willing to pick up. During the collapse of the market last year they said we were 24 hours from total collapse and we had to immediately bail out the banks. We keep hearing that the worst is behind up but predicted unemployment is expected to rise and we're seeing another wave foreclosures, this time including commercial real estate. Less income taxes, less property taxes, and less taxes from banking profits sounds pretty critical.
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?
How does foreclosure work? The government takes away your house because you didn't pay property tax on it or keep it up to zoning code, or some reason like that, correct? When the government takes your house, do they give you any money for it? & then the government puts that foreclosed house up for auction, and probably sells it for less than it's worth. Is that pretty much how it works?
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.
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?
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".
ARM Loan - Lost house before government stepped in - anything we can do? We lost our house in February of last year about 6 months before the government decided it needed to start helping out. We were with Countrywide and it got to a point were they just wouldn't help us. We couldn't afford to do another loan mod and have our payments go up in addition to the adj. rate increases. We had already done that once before when we had to escrow our property taxes (they weren't originally). Then because we owed more than the house was worth they wouldn't refinance us. Now all these homeowners are getting help keeping their houses and we have a foreclosure on our credit!! It is really frustrating when 400,000+ people are in the same situation we were and now they are the ones getting help. Is there anything we can do to alleviate the impact this situation has had on our credit? Sorry this was so long, any help you can provide would be great. If you can't help please don't respond. You have no idea how we got in the situation we did, the curcumstances around it or why our only choice was an ARM loan to begin with. We could afford the original payment and was given some real bad information and advice from the mortgage broker.
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
Shouldn't IRS contribute to save homes from foreclosure too? Lenders must reconstruct their loans-in-trouble due to their own greed. IRS is also responsible by adjusting the property tax according to income ratio. Otherwise, government assist housing contridicts itself. Sorry, my partner here mistakenly typed IRS, it should have been the Tax Collector. If US ever go bankrupt it would be caused by malicious management not insufficient taxes. Yes, government assistance should only be extended to the honest and deserving ones indeed. Debt income ratio should be justified on how much house one/family can afford and lenders must cease their creative finance to boost their profit.
For foreclosure properties, can you tell me the steps of the process please? For example, how is it determined whether house is owned by bank or government and whether… and how is it determined whether it goes on the market or to an auction… and where are the auctions held? If back taxes are owed, does the bank pay the city off? I am very curious as to how this process works. If know any of these answers, will you reply please? Thanks!
Should banks stop home foreclosures? Our tax money is given for a variety of reasons. I understand people's grief when so many is struggling to get through this crisis. The money we gave the banks was misused. It bought property, vacations, other banks and fill their wallets full of cash. They showed the American People they gave money away to those who did not need it. Not once, but twice! I believe if they used some of that money and helped the home owners to save their land, all that money would cycle back to the banks anyway and so many would not be homeless. Should the government help the American home owners that are struggling? You damn right they should! The People of America should be 1st priority! Our backs made the wealthy rich, time to SHARE THAT WEALTH WE HELPED EARNED THEM! Problem is, without the blue collar workers, the white collars will drown in their tears if they had to break a real sweat and wear a blister. Don't take that harsh, it does take both to advance. Can't have one without the other. Like a wheel needs the axle. Just saying, we all worked hard and deserve a fair shake. At the very least, stop the foreclosures they put us into and give those folks a reasonable chance to get on their feet AS WE GAVE THEM!
Is my State/County tax bill correct? My husband and I just purchased our condo on April 30th of this year. We purchased for $108,500, the appraisal was for $110,000 after flooring was added to a bedroom (which it was). The tax bill came the other day, we're not worried about paying it because we have escrow attached to our mortgage, but I'm concerned the state and county have some things wrong. The tax bill lists my husbands name, but lists Wells Fargo as the Mortgage Holder and is basing the taxes on the property assessment of $180,000. The condo was a foreclosure, the LAST mortgage company was Wells Fargo (but ours is not, we have our mortgage through BofA), and the last time the home was sold it was sold at the price of $180,000. I just wanted to know if this looks like a genuine oversight on the part of cash strapped governments, or if there is any reason that this bill may be correct for what they are taxing us with. It looks to me like we got a tax bill for the old owners with our names on it. I'm planning on contacting the county to get it rectified, but I wanted to know first if there were any reasons why the bill might be correct. Thank you.
The county I live in is passing a law to stop foreclosures. What do you think? I work for the county in the offices so I am not allowed to disclose what state or what county. Basically the heads of the county government and the sheriff got together and are temporarily asking the sheriff's department to stop foreclosures pending the new law. The law was created to because it was displacing familys who had no where to go and also leaving abandoned property in the town where it has increased crime. Under the new law, a bank or mortgage company cannot foreclose upon a property unless 1) Can prove they will have someone occupy that property within 30 days or 2) The taxes have not been paid on the property In addition, the law states that it will not allow foreclosure if there are children living in the house until it is stipulated in the foreclosure that they will have adequate housing. Meaning, they can't throw a parents with children on the street unless the parents, state, or bank find them adequate housing. 2) There is also another law they are passing that if a foreclosed property is abandoned for more then 90 days, the county will fine the property owner $20/day until proof can be satisfied that either the property has been sold for occupancy or the bank has found someone to occupy the property. These new laws exclude private party liens on property. Such as owner-financing. I think it is great that they are doing this. I mean sure, people should pay their bills. No question about it. But sometimes, people lose their jobs or mortgage companies screw over people by changing their interest rates and people can't afford to pay their mortgage. This law is to protect people from being out on the street and to control crime from abandoned property. Unfortunately, when a bank gets wind of this, I am sure they will start sueing in state court when the sheriff's office refuses to do a foreclosure. Then ofcourse, no one will right mortgages in the county probably. But I am ok with that. What do you think about this? FYI - Let me clarify the law. If the bank wants to foreclose but the occupants are paying the taxes, the bank can still foreclose as long as they can have proof there will be occupancy after they leave. Ofcourse, in regards to children, that other thing in regards to making sure there is adequate housing would have to be met too in order to go forward with the forclosure. kkoh: So you would rather see all these families get displaced so that the banks make their money? Wow. Got it.
Question about HUD housing and buying foreclosures? My husband and I put in a bid last week for a home that was opening at a minimum bid of a certain amount. We put in a bid for $8,000 more than the minimum amount and won the bid. We were very excited until this evening when the realtor called and told us that instead of the initial closing cost, she just received word that included with the closing cost we will now have to bring an additional $5,000 to the table. It turns out that we bid higher than what the government appraiser has appraised the home for, and now we have to make up for the difference. If we would have known what the appraisal was to begin with than we would have stayed much closer (they don't disclose the gvmt appraisal before purchase). And just to put the icing on the cake.....my county appraisal district has the house and property appraised at $70,000 more than the government! Im not even kidding! Am I paying for Fanny and Freddy's screwing up or what? I mean is this really the American dream? The county government over appraises so I have to pay more taxes and the government appraise conveniently under appraises so that we have to pay the difference. Are there any realtors, brokers or mortgage advisers who can give me some guidance on how to fight these cost back down? This house has been through the HUD process twice.. now I know why. Any help?
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!
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!!!
Has Governor Corzine lost his mind? Did anyone hear his speech last night? This guy is so out'a touch with NJ how can he be the Governor? He's raising property taxes again; he can't see that foreclosures are skyrocketing. The cost of living in NJ has gone up almost 25% in two years. Between trains, gas, food, taxes he's destroying the state. He's so out of touch with the middle and lower classes he should not be in office. It's getting absurd. Average taxes for a 50x100 lot in jersey is over $6k. That is criminal; this guy has got to go. Here's a message for you sir, if the government has no money stop spending it! Cut, don’t raise expenses, eliminate them, and recycle vehicles; why do cops need brand new vehicles every year? stop spending!!! Find a way to make money without taxes; you’re supposed to be a business man for Pete’s sake that’s why you were elected. Your job is to look after the people of your state not make their lives miserable.
forclosure , subprime , real estate , please read on? government saying that might be bailout for homeowners who are about to foreclosure. My question is what does this bailout mean? Does it mean that the government will pay in full for the whole house for you lol. Or maybe does it mean you still have to pay the whole house but at lower interest. By the way I am a homeowner but paying my mortgage on time. Dont see why some homeowners who bought more than they can chew gets help. Maybe I should get break in my property tax? opinions please...
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?
If seven ACORN cities are supporting & encouraging squatters, why can't I? The stimulus bill included $31 million for ACORN. Seven so-called ACORN cities are supporting squatters whose homes are in foreclosure. They say, the banks took advantage of them, therefore, they should be able to just stay in their homes and not pay their mortgage. I wonder if they paid their property taxes or are they exempt from that also? For 30+ years we have had affirmative action in the workplace, schools, colleges and universities. If people dropped out of high school, did not get a GED and then believed that the government & banks must enable them to buy homes, why do I have to pay for it? I sacrifice a lot to pay my mortgage and to pay all my bills on time. Should I let my home go into foreclosure and just squat here? Do you think some of that government pork given to ACORN will protect me? How is it fair to tax those of us of play by the rules to pay for the mistakes, carelessness or irresponsibility of others? Is this reverse discrimation?
Doesn't Obama realize that the road to economic recovery is ? Why does Obama always want to demonize " healthy private business and healthy private industry " and falsely portray them as somehow being inherently evil and the cause of our economic problems ? Why doesn't Obama understand that " healthy private business/industry " are the cure.....NOT the cause of our problems ? Doesn't Obama realize that " healthy private business/industry " translates into: MORE production of goods & services creating the need for MORE Jobs HIGHER corporate tax revenues MORE economic cash flow LESS bankruptcies and foreclosures...............as the cycle begins again and our economy & private business/industry continues to grow healthier & healthier Doesn't Obama realize that the road to economic recovery is NOT through creating artificial government jobs or government takeovers of private companies but rather initiating policies ( corporate tax incentives, hiring incentives, property incentives to open new plants , etc. ) encouraging private business/ industry to become healthy and grow through the fair market system NOT through more government regulations and restrictions ? slykitty - Sorry but the meaningless rhetoric like " it's time for something different " doesn't cut it any longer. You & Obama need to realize that it is time to understand that actions speak louder than words and so far Obama has no real plan of action
McCain's 3 New Economic Stimulus Proposals ? While Obama continued to rely upon his usual continual rhetoric offering no solutions during the debate.......Did you hear the 3 new Economic Stimulus Proposals presented by McCain ? 1) As President; McCain will implement a 300 Billion Dollar Government Mortgage Program whereby the Government would buy 300 Billion Dollars Worth of Mortgages in order to save these Homes from foreclosure . 2) As President; McCain would reassess these Homes to reflect their current devalued appraisal thereby reducing Property Taxes on these Homes 3) As President; McCain would double the Income Tax Dependent Deduction from $ 3500 to $ 7000 per dependent. Kalverye - You would have heard these specific McCain proposals if you had turned the sound on during the debate. It is not enough to just stare at Obama; an informed voter has to actually listen to Obama & McCain
is the next bailout unfair? Do you think this is fair? [text below of the email I just sent to my US Senator] Dear Senator: It is unfair to bailout the banks that made bad loans unless the country receives compensation similar to the AIG case -- 11.35% interest and an 80% voting preferred stock interest in the firm and the right to replace the managers. Sauce for the goose is sauce for the gander. Some in Congress may claim that if we bail out the banks, we also have to bailout the borrowers on these bad loans. That would also be unfair. It would be unfair to everyone who doesn't have such a loan. This includes every renter in Miami who couldn't buy a house or wouldn't lie to do so. It includes every senior citizen who owns her home free and clear. It includes every citizen in places where home prices never got out of hand and so their payments never became excessive. And it includes everyone who already lost that house to foreclosure. In short, bailing out the home buyers would be unfair to the majority of Americans. Either our taxes or inflation would go up to pay for their mistakes. And it wouldn't even fix the housing markets. Housing markets won't be fixed until prices come down enough that ordinary workers in places like Miami can afford to buy a house. That hasn't happened yet and if America subsidizes all these over priced houses, it won't happen for many more years. Here's what would be fair if politics says we have to bailout home buyers -- every American gets the same treatment once in their lifetime. We cap the amount of the bailout at some figure, say 20% of the price of the house, and then every American gets the same benefit -- the government pays 20% of the cost of them buying a house. [It would be like getting a free down payment.] Somewhat obviously, they'd have to properly qualify for the remaining loan on the house and this would limit the size and cost they could afford. Senior citizens who own their home outright could trade their benefit for either a lifetime benefit paying 20% of their property taxes, insurance, and upkeep, or a cash payment equal to 20% of the tax assessor's 2007 value on their property. We need you to fight for fairness in this whole mess because it sure looks like America is about to reward only a select few for taking foolish risks. thank you for your time today and for representing the interests of the majority of Americans, and Floridians, in this matter. Best regards, [MBA/CPA. I began working in banking in 1970 and have seen repeated real estate lending booms and busts. This may be the worst one of a long string of them, although I can't remember the one during the Great Depression.] Please add Stars [Interesting] if you'd like other people to see and comment on this issue. Thx
Should I try to hold on to my home or let it go into forclosure? We owe $455,000 on our house and it's now worth about $300,000. We have an ARM that is going to reset in Jan 09. We definitely can't afford the $1,000 jump in payment. Called the mortgage company (Ocwen) and they said we do not qualify for the government's freeze on interest rates program because our ARM was for 3 years instead of 2, but they said call back closer to the time the loan is set to reset and they'll work with me. Somehow I doubt it and I don't want to pay my $3,100 property tax bill on the house if I'm just going to lose it in the end. Plus, I'm thinking about all the money we could save every month if we let it go and just rented a house. We'd save about $1,000 a month on rent and $6,000 a year on property taxes. Why hold on to a house that costs too much and has no equity? Not to mention it's an interest only loan, so paying it off will NEVER happen. Please give me your advise. Is foreclosure really so bad? My credit score is already low (610)
ALL AMERICANS - Congress just singed a "housing rescue bill" - ARE YOU ANGRY??? CONFUSED??? HAPPY??? Congress has just approved and signed into law a housing bill that aims to boost the struggling housing market... to bail out Freddi and Fanni. Our goverment will give "unchecked" authroity to prop up the two companies who own half 12 trillion dollars of mortgage backed stocks!!! Biggest bail out in history by congress and the president - this will give "400 homeowners" that are facing foreclosure - BUT Is this a "get out of jail free card"?? The government is using public money, our tax dollars to save private property... when the government spends money, they are writing a check with YOUR MONEY!!! By signing this bill they have raised the national debt once again... As a renter or a responsible homeowners... are you upset to pick up the tab for irresponsible homeowners and private corporations??? Your thoughts... update: less than 10 min after I posted... I have received over 15 replies...Thank You for those who replied... I intentionally stated some wrong facts and I am glad to hear other who have corrected it!!! I am pleased to see many who are concerned of the current statues of our nation... get informed everyone - For small goverment Jeff I have always been preached and drilled in my head as a business owner to always find the "root cause" of any problem, and to look deeper than the initial problem... As I look back when i rode the waves with the rest of the speculative investors in the boom of the tech cycle in the late 90's and the realestate bubble in the early 2000's... you begin to wonder what the true cause or the root problem is... i'm a firm believer that our monterey policies has caused this... Next question... is it to late to fix this problem? Should we not be more concerned about our monterey polices and the consequence it will bring???
I have a problem with my mortgage company and loan. How do I sue them? From the beginning,my loan contract was handled negligently. My loan documents were re-drawn 3 different times, during the final time my Property taxes were mis-calculated, having my mortgage payment one year later to increase by $900.00. During the remodification process someone mis-reversed(cancelled) the application. I gave $10,000 to participate into the plan. the company applied the money towards my past due amount mailing a $800.00 dollar check for their mistake. Then October 16, 2008 the company pre-qualified me for the government program, and every since the mortgage company has requested the same financial information repeatedly not moving forward with my approval,putting my home into foreclosure. I have contacted the Governor, Senators, Federal Reserve, Consumer Assistant Group, Office of Comptroller, and other offices on behave of this matter. Please respond! When I speak with someone at my mortgage company they tell me over and over again there's nothing more needed for the account, for the approval of the program. It's the Federal Fair Debt Collection Practices Act set in place to protect consumers like me, and violation laws set into place. Remember these are professional Corporations. Certified by Federal agency;s and the Better Business Buearu's to conduct business funded to represent the Federal government practice acts,. Legal advise only.
Would it be better to refinance every U.S. Citizen's Primary mortgage than give >$1tril to financial giants? The current ~$700Billion plan looks a lot like Government is bailing out its buddies in BIG BUSINESS, and nothing will ever trickle down to the common U.S. Citizen. To turn that around use the leftover ~$300Billion Bush Administration bail-out plus President Elect Obama's $825Billion to pay the Mortgage industry (the cost of processing the loan) to alter an process every U.S. Citizens primary residence mortgage decreasing it by ~20% and refinance that amount at the current Fed bank-to-bank trading rate. Banks are writing down all these mortgages/loans anyway because of decreasing values. Yes, these institution have some medicine to take, but there are hard times ahead, and the majority (U.S. Citizens) need to feel support. The majority of U.S. Citizens upside-down in their mortgages are more likely to see value in making payments rather than just giving their house keys to the bank and vacating, which will wash-out home values, equity, and personal wealth in our Nation with catastrophic effect. This will allow every U.S. Citizen, in our Nations consumer economy, a long-term (30-year mortgage term!) solution to add breathing room in the upcoming years of this global economic downturn. The beneficiaries are the U.S. Citizen that then trickles up to U.S. Retailers, U.S. Banks, and Wall-Street. This provides relief to ALL U.S. Citizens, even Us that made conservative decisions knowing what we could afford, while also restructuring recent mortgages of those duped by the greedy practices of this decade. The majority of mortgages will still get paid, banks can maintain cash flow, homeowner mortgage vs. home value evens, right-sides up, or equity is built. If the U.S. Citizen losses their house it's a good bet they will walk away from Credit Card debt and any other outstanding loans. Then what will happen to the Financial industry and all the $400billion in tax-payer money that's already been handed to them to do with as they please? This isn't about the American public seeing immediate benefit (i.e. one-time stimulus check), but as a longer term (~30 year mortgage term!) solution to stimulating our consumer (~62%!) economy. It also shows that Government is supporting real people, not just big business. I think if You do the math You will find that the cost of writing these loans, which is consumed by the leftover ~$300Billion Bush Administration bail-out plus President Elect Obama's $825B stimulus package, doesn't compare to the cost to Financial institutions, and the U.S. Tax-payer swallowing ~10% (or greater) National home foreclosures. What will Financial institutions do with all these assumed homes and property that are now worth 30-50% less than their original cost to them? Will Government, I mean the U.S. Tax-Payer, buy them? Restoring consumer confidence is what the focus is here. How does getting 9 financial institutions to start loaning money to ultra qualified people that don't need a loan, compare to ~130,000,000 homeowners across 50 states having a few hundred extra dollars a month, for the next 30 years, to do with how they see fit? Excellent response Jeff T, but if the U.S. is trying to support homeonwnership, which is a massive staple of our 62% consumer economy, when the next avalanche of foreclosures hit what will happen to personal wealth in all classes in the U.S. Remember the original question dealt with if the Government couldn't do nothing, would it have been better to give the money back to the people in the form of refinanced 20% decreased mortgages very low interest rates so 10's of millions of families would opt to keep paying their mortgages (and other debta) rather than just walk away to let the remaining tax paying nation to bail them out. And then what about after the next wave, then the next? As foreclosed homes flood the market and the nations wealth is swept away, and more an more credit is lost, and more and more banks board their doors, who will be left to bail them out? How can this chain of events be stopped? We must bring more minds to the table to discuss this!
HFC foreclosure Help? Hello, Im going to make this long hard story as short as possible. 1.) I have a loan with HFC (house hold Finance) 2.) Payments are $4,040.00 appx 3.) Lost my job 4.) Wife went from $117,000.00 a year to $60,000.00 5.) Bring home is only $3,800.00 appx 6.) 2 car payments appx $ 620.00 7.) Power/water $ 310.00 8.) food for 5 family members $300.00 9.) Car Gas + toll's $200.00 10.) Misc bills $ 400.00 Heres the deal, I tryed working with HFC and they somewhat tryed by saying hey ur behind by 1 payment catch up and then we will stick you into a payment plan. So i cought up and they stuck to their word and put me in a JOKE of a payment plan. I pay $3,500 for 3 months. My wife only brings that home we would still not be able to eat or pay any bills. So thats what we did payed nothing but the morguage payment. After 3 months were up back to $4,040.00 and we fell behind again. let alone we were being told not to pay anyother bill but them so we lost our RV. No biggy not the end of the world. Then they said if we get caught up then we will be able for 60months.. we got that in writting and turns out it was a typo. It was only supposed to be for 6 months at $3,500.00 what help was that again at 12% intrest on a 400,000.00 home? Crazy! By not paying our bills we runined our credit and we were about to be in forclosure and they held a meeting with all of there customers in the area. We went and got our morguage payments down to $2,500.00 but they wanted us to pay extra to catch up on the behind payments at the same time and it only was for 6 months. Now the $2,500.00 payments are over and they said maybe I should sell. Becuase of HFC appraizer my house is "worth 400.000.00" yea right more like 350,000.00 and if i sell I will still owe HFC appx 150,000.00. I contacted HOPE.....What a JOKE! They do not help in any way or form. They say try to get them to work with you..How can that happen when HFC does not understand you because they are in India? So now im facing forclosure and What government has helped us? Why was someone like me allowd to be taking advantage of in a hard time. I get it HFC helped me when I need money to pay off a Medical bill but at what cost. My family's lifestyle has gone way down, We are always fighting about the morguage. Why does a company have a stick so far up there butt were they cant just say hey your having a hard time and Id still be making money off you if I lower ur payments to $2,000.00 permently and include property taxes in the loan. Right now im 2yrs behind on my property taxes and I have no insurance on my house. Im not doing this anymore. I rather let my house go now then to drive around without insurance or no power in my house. I say HFC should work better with US their customers and treat us like we are people not like money makers!
What has the US become? 100 % of helmets and vests worn by this nations soldiers are made by prison labour --- paid between 21 and 45 cents per hour -- It is work to support this regimes war efforts or be locked up in isolation --- The largest prison population on the earth The highest violent crime rate in the western world A history of chemical and biological warfare against civilians (Napalm and others including depleted uranium shells ) The only nation to drop 2 atomic bombs over a densely populated civilian area with little to no military value 17 % unemployed ---12 % on food stamps Currently bombing 2 nations with no declaration of war against those sovereign states while occupation forces remain for the 9th year in another Drone attacks Yemen drone attacks Pakistan occupation forces Afghanistan and Iraq A pro torture state that lied to the public at the beginning --- their former President said "Most humane camp in the world" now admits to simulating near death 183 times to one inmate and has cleared the way to legally introduce confessions obtained by torture as evidence The truth of the torture was suppressed by the current President and the photographic proof was hidden for "security reasons" from further inspection Previous photo's of abusing and torturing prisoners have been declared isolated incidents in the past and ONE single Cpl was said to have acted with out the knowledge or consent of the command staff --- ------------------------------- Slave labour provides cheap goods to a war machine Citizens can be detained or arrested based on suspicion and denied access to a lawyer -- all assets may be ceased based upon suspicion ( One official says he suspects you might be or might in the future be a terrorist that citizen loses ALL rights to the court to property or to appeal --- no conviction needed ) Road side check points -- Warrant less suspicions ( Are your papers in order has been modernized to got any ID sir) Citizens are more likely to cheer when they see an elderly woman or a student electrocuted in public by police than anything else --------------- It is estimated that 100,000 soldiers are on the streets homeless Foreclosures have plagued the nation government bail outs purchased real estate on behalf of the bank to protect the insurance industry -- Bail outs from tax payers to the ultra wealthy corporations has accelerated and continues to do so The economy has been in decimation for at least a decade with current rates of unemployment reaching 17 % and those reliant on the government for food hits record breaking levels of 12 % of the total population ---------------------------------------- What has the US become ?
What is happening to the Church system financially? "Foreclosures and delinquencies for congregations are rising, according to companies that specialize in church mortgages." "Congregants have less money to give, and pastors who stretched to buy property in the boom are struggling to hold onto their churches." Source: http://news.yahoo.com/s/ap/20090314/ap_on_bi_ge/rel_banking_on_faith It is now being considered that an individuals contribution to a religion being tax deductible is an indirect way of the government funding the Religion. When the government disallows the individuals contributions to a religion as being tax deductible and loans dry up will more Churches be closing their doors?
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?
Are you an undecided voter(this may help)? Which president had/was responsible for... 1.The highest growth in the gross domestic product? Harry Truman, a democrat 2.The highest growth in jobs? Bill Clinton, a democrat 3.The biggest increase in personal disposable income after taxes? Lyndon Johnson, a democrat 4.The highest growth in industrial production? John Kennedy, a democrat. 5.The highest growth in hourly wages? Lyndon Johnson, you guessed it, a democrat 6.The lowest misery index (inflation plus unemployment)? Harry Truman, a democrat 7.The lowest inflation? Truman, a democrat 8.The largest reduction in the deficit? Bill Clinton, a democrat • The Clinton administration presided over the longest peacetime economic expansion in U.S. history. When Clinton left office, there was a ten-year projected budget surplus of $1.6 trillion. • In less than a year and a half, Republican George W. Bush wiped out that projected budget surplus, and within three years, he turned the $236 billion surplus he inherited into a $375 billion deficit. Keep in mind that these figures are from George W. Bush's first term. He has soared to new heights of fiscal irresponsibility during his second term and continues to set records in economic incompetence. The national debt is now more than $10 trillion. "[A]s much as Republicans would like to tag Barack Obama and Democrats as big spenders, it's Republicans who have been America's biggest spenders. It's not even close.... [S]ince 1945, when Republicans have been in charge of both the White House and Congress, they have never, not once, reduced spending.... Reagan ran up a bigger debt than every president before him combined. The budget deficit exploded under his leadership and the national debt tripled.... [T]he debt has grown from under $1 trillion before Reagan to over $10 trillion after George Bush! And, yet, with all of this spending, we still don't have national health insurance and Social Security is more endangered than ever."-- Bruce Tenenbaum, HuffingtonPost.com, 10/16/08. Do you need a job, or maybe a second job, or a third job? •"You work three jobs?... Uniquely American, isn't it? I mean, that is fantastic that you're doing that."-- George W. Bush, to a divorced mother of three, 2/4/05 . If you really want to change America for the better, electing Barack Obama is not enough. We need to give the Democratic Party a filibuster-proof majority in Congress. Since the Democrats won a narrow majority in 2006, Republicans in the Senate have used procedural filibusters to block legislation which would have resulted in: * withdrawal of American forces from Iraq. * repeal of tax subsidies for oil companies that were making record profits. * a "cap-and-trade" process to reduce greenhouse gas emissions, defray the cost of gasoline to consumers, and encourage green-energy alternatives. * increased oversight and regulate speculative trading of energy futures that has driven up energy prices. * allowing Medicare to negotiate with pharmaceutical companies to lower drug prices. * adequate rest for military personnel between deployments to the war zones. * making it easier for workers to form or join unions. * relief for homeowners facing foreclosure and state and local governments burdened with foreclosed properties. This is just a small sample of the kind of bills filibustered by Republican Senators since 2006. For a more complete listing (with bill numbers and vote totals) visit <http://assets.OurFuture.org/documents/con-20081009-obstruction-real-story-110.pdf>. Why did Republican Senators filibuster these popular initiatives? •"I think [Democrats' inability to pass legislation] will give the Republicans the one opening they are going to have in 2008. Everything is running against the Republicans, but I think they have a chance if they argue that the Democrats have been in charge and they are the do-nothing Congress."-- Conservative pundit Charles Krauthammer, Fox News, 7/24/07. To paraphrase a cranky, old presidential candidate, "The Republicans would rather sabotage Congress than lose an election." (thanks to Mick Youther, the Nightlife, and the cited references above)
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
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
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.
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.
So what do you think about stimulus bill that is going to get pass.? Remember, this economic stimulus bill is supposed to be used as a catalyst to re-start our economy. Period. $1 billion for Amtrak, which hasn’t earned a profit in four decades. $400 million for research into global warming. $2.4 billion for projects to demonstrate how carbon greenhouse gas can be safely removed from the atmosphere. Remember, this economic stimulus bill is supposed to be used as a catalyst to re-start our economy. Period. $650 million for coupons to help consumers convert their TV sets from analog to digital, part of the digital TV conversion. $600 million to buy a new fleet of cars for federal employees and government departments. $75 million to fund programs to help people quit smoking. $21 million to re-sod the National Mall, which suffered heavy use during the Inauguration. Remember, this economic stimulus bill is supposed to be used as a catalyst to re-start our economy. Period. $2.25 billion for national parks. This item has sparked calls for an investigation, because the chief lobbyist of the National Parks Association is the son of Rep. David R. Obey, D-Wisc. The $2,25 billion is about equal to the National Park Service’s entire annual budget. The Washington Times reports it is a threefold increase over what was originally proposed for parks in the stimulus bill. Obey is chairman of the House Appropriations Committee. $335 million for treatment and prevention of sexually transmitted diseases. $50 million for the National Endowment for the Arts. $4.19 billion to stave off foreclosures via the Neighborhood Stabilization Program. The bill allows nonprofits to compete with cities and states for $3.44 billion of the money, which means a substantial amount of it will be captured by ACORN, the controversial activist group currently under federal investigation for vote fraud. Another $750 million would be exclusively reserved for nonprofits such as ACORN – meaning cities and states are barred from receiving that money. Sen. David Vitter, R-La., charges the money could appear to be a “payoff” for the partisan political activities community groups in the last election cycle. $44 million to renovate the headquarters building of the Agriculture Department. Remember, this economic stimulus bill is supposed to be used as a catalyst to re-start our economy. Period. $32 billion for a “smart electricity grid to minimize waste. $87 billion of Medicaid funds, to aid states. $53.4 billion for science facilities, high speed Internet, and miscellaneous energy and environmental programs. Remember, this economic stimulus bill is supposed to be used as a catalyst to re-start our economy. Period. $13 billion to repair and weatherize public housing, help the homeless, repair foreclosed homes. $20 billion for quicker depreciation and write-offs for equipment. $10.3 billion for tax credits to help families defray the cost of college tuition. $20 billion over five years for an expanded food stamp program. Remember, this economic stimulus bill is supposed to be used as a catalyst to re-start our economy. Period. Now how about those earmarks…? $2 billion earmark to re-start FutureGen, a near-zero emissions coal power plant in Illinois that the Dept. of Energy defunded last year because the project was inefficient $650 million for the digital television (DTV) converter coupon program $88 million for the Coast Guard to design a new polar icebreaker (ship) $448 million for constructing the Dept. of Homeland Security HQ $248 million for furniture at the new Homeland Security headquarters $600 million to buy hybrid vehicles for federal employees $400 million for the CDC to screen and prevent STD’s $1.4 billion for a rural waste disposal programs $125 million for the Washington, D.C. sewer system $150 million for Smithsonian museum facilities $1 billion for the 2010 Census, projected cost overrun of $3 billion $75 million for “smoking cessation activities” $200 million for public computer centers at community colleges $75 million for salaries of employees at the FBI $25 million for tribal alcohol and substance abuse reduction $500 million for flood reduction projects on the Mississippi River $10 million to inspect canals in urban areas $6 billion to turn federal buildings into “green” buildings $500 million for state and local fire stations $650 million for wildland fire management on Forest Service lands $150 million for Smithsonian museum facilities $1.2 billion for “youth activities,” including youth summer job programs $88 million for renovating the headquarters of the Public Health Service $412 million for CDC buildings and property $500 million for building and repairing NIH facilities in Bethesda, MD $160 million for “paid volunteers” at the Corporation for National and Community Service $5.5 million for “energy efficiency initiatives” at the VA “National Cemete
"Honk if I'm paying your mortgage" bumper sticker... I'm sorry am I missing something here? I didn't believe the Homeowners Affordability and Stability Plan is to make my taxes pay my neighbor's mortgage payments. I thought my taxes were going to stabilize the housing industry by preventing foreclosures by readjusting mortgage amounts back to a socially acceptable 38% of a families income, or if that wasn't enough the government would pitch in 7% to bring it down to 31%, with the difference being made by extending the lease of the mortgage. For example, my neighbor had to foreclose his condo because he had applied for an ARM (which he now knows is unwise, he hadn't learned or god forbid been told by the lender what that meant) and got a $330,000 loan. He made his payments on time, $1600 a month for the first two years (they were interest only). Two years later, his interest rates readjusted to make his monthly mortgage payment $3200, while his property value had lost $100,000. He tried paying the $3200 a month, but considering it was just interest on the loan, and rents in the area are $1300, the whole thing was just a huge disillusionment. He tried to get the mortgage company to restructure, but they wouldn't. He stopped paying, and the company got $95,000 for the property through auction, losing $230,000 in the deal - $25,000 or so that had been repaid. This, extrapolated across the country, of course made everything extremely unstable, and is only now trying to be contained. For the above example, what I thought would have been extremely wise for Wilshire (the lender) was to take the homeowners documented income, (~5500 a month) make the mortgage 31-38% of that income, fix the interest rate, and extend the terms of the lease to be a 50-year mortgage. Homeowner stays in house, lender doesn't lose $230,000 and the financial system is better stabilized. I thought that was very close to Obama's plan, and so I see this bumper sticker by the Tennessee Republican Party and think it's irrational, inflammatory, and their head is in the ground. My question is, am I misinformed, are they misinformed, or are we both wrong? Thanks to everyone who read the entire post and considered the example.
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
"Honk if I'm paying your mortgage" bumper sticker... I'm sorry am I missing something here? I didn't believe the Homeowners Affordability and Stability Plan is to make my taxes pay my neighbor's mortgage payments. I thought my taxes were going to stabilize the housing industry by preventing foreclosures by readjusting mortgage amounts back to a socially acceptable 38% of a families income, or if that wasn't enough the government would pitch in 7% to bring it down to 31%, with the difference being made by extending the lease of the mortgage. For example, my neighbor had to foreclose his condo because he had applied for an ARM (which he now knows is unwise, he hadn't learned or god forbid been told by the lender what that meant) and got a $330,000 loan. He made his payments on time, $1600 a month for the first two years (they were interest only). Two years later, his interest rates readjusted to make his monthly mortgage payment $3200, while his property value had lost $100,000. He tried paying the $3200 a month, but considering it was just interest on the loan, and rents in the area are $1300, the whole thing was just a huge disillusionment. He tried to get the mortgage company to restructure, but they wouldn't. He stopped paying, and the company got $95,000 for the property through auction, losing $230,000 in the deal - $25,000 or so that had been repaid. This, extrapolated across the country, of course made everything extremely unstable, and is only now trying to be contained. For the above example, what I thought would have been extremely wise for Wilshire (the lender) was to take the homeowners documented income, (~5500 a month) make the mortgage 31-38% of that income, fix the interest rate, and extend the terms of the lease to be a 50-year mortgage. Homeowner stays in house, lender doesn't lose $230,000 and the financial system is better stabilized. I thought that was very close to Obama's plan, and so I see this bumper sticker by the Tennessee Republican Party and think it's irrational, inflammatory, and their head is in the ground. My question is, am I misinformed, are they misinformed, or are we both wrong? Thanks to everyone who read the entire post and considered the example. Wouldn't you like to know* Is there any proof that we are paying for people's mortgages other than the costs to refinance them? xiphos* I don't have any problem with what I explained. I think it should have been done over a year ago to stabilize financial flows. Mortgage fraud was horrendous in my area. I still have yet to see any proof that my tax dollars will pay my neighbors mortgage instead of their income. If they are not using tax dollars to refinance the loans, and paying a 3rd outright, then I have a problem with that. Yet, I read the Foreclosure prevention act and I didn't see the government offering any more than 7%. Plowboy* Congratulations, I also bought a condo 30 year-fixed, 20% down, at a 3rd of my income. But where do you get off with that murderer crap? pendejo... Plowboy, you've proven incapable of irrational thought, and if you want to influence others to consider your views as valid, you need to work on that. To link freeing murderers from assisting homeowners who were defrauded, is nothing more than verbal vomit.
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