cme1201
Junior Associate
Tennis Elbow, Jock Itch, and Athletes Foot, every man has a sports life!
Joined: Apr 6, 2011 13:55:07 GMT -5
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Post by cme1201 on Jun 30, 2011 14:41:53 GMT -5
The article atates The program will loan upto 50,000 most will get 35,000. They are maiming at helping 30,000 people
35,000/1,000,000,000 = 28,571 people if only low end figures are used.
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pepper112765
Well-Known Member
Joined: Jan 9, 2011 15:55:30 GMT -5
Posts: 1,812
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Post by pepper112765 on Jun 30, 2011 14:47:54 GMT -5
What if they aren't $50,000 in arrears??? Are they holding it as a deposit against future missed payments, or, does it reduce the principal after the arrears are caught up? Either way, the bank ultimately wins because if the homeowner is allowed to go into foreclosure as it ultimately would based on the circumstances to get the loan, the bank is still up $50,000 and the homeowner out of a home. Do they still get $50k if teh homeowner is not $50k in arrears? But I'm not sure I agree with you that the bank is still up $50k. They usually lose money on a foreclosure. Not that I think the government should be giving any help the banks, but they're gonna be out a ton of money when the homeowner walks. What I am saying is if the loan is not being paid, they are getting $50,000 they would not have otherwise received, so they are up in that sense, because if these people are months behind, there is no way they would catch up and the foreclosure process starts as it should.
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❤ mollymouser ❤
Senior Associate
Sarcasm is my Superpower
Crazy Cat Lady
Joined: Dec 18, 2010 16:09:58 GMT -5
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Today's Mood: Gen X ... so I'm sarcastic and annoyed
Location: Central California
Favorite Drink: Diet Mountain Dew
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Post by ❤ mollymouser ❤ on Jun 30, 2011 15:30:46 GMT -5
Can you call the democrats and tell them that? I think some republicans need a reminder too. Maybe all of Congress should get the memo? Good plan. Maybe I should post it on Facebook, too? ;D
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❤ mollymouser ❤
Senior Associate
Sarcasm is my Superpower
Crazy Cat Lady
Joined: Dec 18, 2010 16:09:58 GMT -5
Posts: 12,857
Today's Mood: Gen X ... so I'm sarcastic and annoyed
Location: Central California
Favorite Drink: Diet Mountain Dew
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Post by ❤ mollymouser ❤ on Jun 30, 2011 15:32:27 GMT -5
Not that I'm in favor of any more government handouts, bailouts, or other hare-brained schemes ... but wouldn't there just be a lot less paperwork and bureaucracy just to have some sort of "underwater homeowners" lottery where everyone enters, and some lucky people get a check for $35,000? (I am, of course, being facetious ...)
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cme1201
Junior Associate
Tennis Elbow, Jock Itch, and Athletes Foot, every man has a sports life!
Joined: Apr 6, 2011 13:55:07 GMT -5
Posts: 5,503
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Post by cme1201 on Jun 30, 2011 18:16:05 GMT -5
Not that I'm in favor of any more government handouts, bailouts, or other hare-brained schemes ... but wouldn't there just be a lot less paperwork and bureaucracy just to have some sort of "underwater homeowners" lottery where everyone enters, and some lucky people get a check for $35,000? (I am, of course, being facetious ...) Why not just a homeowner lottery, own a house as a primary residence your entered (no vacation homes or rental property) if you are one of the lucky 28500 people then you get either a check for 35000 (if your home is paid for) or your lender receives a check to reduce principle by the same amount. People who were responsible or already paid off there mortgage have been screwed with all the money given to banks and irresponsible people. ***********DISCLAIMER*************By irresponsible I don't mean people who lost work or had health issues, I mean those who making 35000 a year buying 250,000 homes, people who bought to flip.
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floridayankee
Junior Associate
If You Don't Stand Behind Our Troops, Feel Free to Stand in Front of Them.
Joined: Dec 20, 2010 14:56:05 GMT -5
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Post by floridayankee on Jul 1, 2011 9:17:47 GMT -5
Why not just a homeowner lottery, own a house as a primary residence your entered (no vacation homes or rental property) if you are one of the lucky 28500 people then you get either a check for 35000 (if your home is paid for) or your lender receives a check to reduce principle by the same amount. Why not scrap the whole idiotic plan to hand out obamacash and avoid increasing our deficit another billion yuan...I mean dollars?
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swamp
Community Leader
Don't be a fool. Call me!
Joined: Dec 19, 2010 16:03:22 GMT -5
Posts: 45,326
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Post by swamp on Jul 1, 2011 9:23:38 GMT -5
Why not just a homeowner lottery, own a house as a primary residence your entered (no vacation homes or rental property) if you are one of the lucky 28500 people then you get either a check for 35000 (if your home is paid for) or your lender receives a check to reduce principle by the same amount. Why not scrap the whole idiotic plan to hand out obamacash and avoid increasing our deficit another billion yuan...I mean dollars? ding, ding, ding, we have a winner!
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