Could you give me a 0% interest rate or better yet just give me the house??

Because I will never be able to afford it if you don't!!!!

Listened to radio talk show Saturday where they have finance experts that take calls and the hot topic was the bailout. Lady calls in and explains that she and her husband brought a house on an ARM loan that in June was at 9%. They told the bank they couldn't make the payments so the bank gave them a fixed 5% loan. She called the show to see if she could qualify for a yet even lower rate as they still cannot make the payments. She explained she worked for the school system and was only collecting unemployment during the summer. From what I heard nothing has changed since they brought the house (except it is costing them less now).
Now get this, the expert told her yes she could get an even lower rate if she could prove she could not make the payments and they could not deny her that. WTF!!!
First off it sounds like they never could afford this house so why are our tax dollars helping them pay for it. Second that 5% rate is 5/8 lower that my fixed rate that I had to put 20% down to get. And lastly since I can afford to make my payments I don't think I will be able to get any help paying my mortgage. Oh, and I'll bet if they do get the 3% rate it will never go up no matter how much money they make later on.

What a load a ****. I have a mortgage, one that I, get this, made sure I could afford before I signed the goddamned papers. I've never missed a payment, not even been late. Why the hell should I have to subsidize jagoffs who overstretched themselves just so they could try to cash in on the housing boom? You see all these f*cksticks crying because their big expensive house with the interest-only ARM is unsustainable. Then GTFO and go rent, *******. One of Obama's people were on meet the press yesterday and they were trying to explain why I need to subsidize these people because of their poor planning, and it was nothing but obfuscation...talking about how stringent they would be regarding who qualifies...like, you can only qualify for this BS if you're an owner-occupant. SO? Just because you're discriminant in choosing who you steal from and give to, doesn't make it any less than theft.

That's right, just punish people for actually paying their mortgage on time. I think I'm gonna stop paying mine just so I can get a piece of the stimulus money grab.

Evan! said:

What a load a ****. I have a mortgage, one that I, get this, made sure I could afford before I signed the goddamned papers. I've never missed a payment, not even been late. Why the hell should I have to subsidize jagoffs who overstretched themselves just so they could try to cash in on the housing boom? You see all these f*cksticks crying because their big expensive house with the interest-only ARM is unsustainable. Then GTFO and go rent, *******. One of Obama's people were on meet the press yesterday and they were trying to explain why I need to subsidize these people because of their poor planning, and it was nothing but obfuscation...talking about how stringent they would be regarding who qualifies...like, you can only qualify for this BS if you're an owner-occupant. SO? Just because you're discriminant in choosing who you steal from and give to, doesn't make it any less than theft.

That's right, just punish people for actually paying their mortgage on time. I think I'm gonna stop paying mine just so I can get a piece of the stimulus money grab.

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Well Said Evan! This is why I am going to keep renting until I can afford a 20% Down Payment. No friggin way should people making 10 bucks an hour being given 300,000$ Mortgages with no money down.

Evan! said:

What a load a ****. I have a mortgage, one that I, get this, made sure I could afford before I signed the goddamned papers. I've never missed a payment, not even been late. Why the hell should I have to subsidize jagoffs who overstretched themselves just so they could try to cash in on the housing boom? You see all these f*cksticks crying because their big expensive house with the interest-only ARM is unsustainable. Then GTFO and go rent, *******. One of Obama's people were on meet the press yesterday and they were trying to explain why I need to subsidize these people because of their poor planning, and it was nothing but obfuscation...talking about how stringent they would be regarding who qualifies...like, you can only qualify for this BS if you're an owner-occupant. SO? Just because you're discriminant in choosing who you steal from and give to, doesn't make it any less than theft.

That's right, just punish people for actually paying their mortgage on time. I think I'm gonna stop paying mine just so I can get a piece of the stimulus money grab.

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Amen brutha'!

Wonder if the OP's post mindset would work for me. I just refinanced for 3.5% (points paid). It's not that I can't afford the payment. I just don;t want to pay that anymore.

Mebe I can get 0%. Oh. Wait.

Then I'd just be renting from the Bank, wouldn't I?

Ah well, guess I'll send in the check since I am one of the few left (like you Evan) in this world that does care about my credit scores and will only commit to financing that I can afford.

GilaMinumBeer said:

Ah well, guess I'll send in the check since I am one of the few left (like you Evan) in this world that does care about my credit scores and will only commit to financing that I can afford.

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Count me in. 22 years of credit history and not 1 missed payment. I honestly can't see taking handouts while your still able to work. It sucks that a few have to bear the weight of a country full of asswipes.

Is it just me or are all these band-aid patches the government keeps trying to apply to the economy just going to hurt that much more when they get ripped off?

If they get ripped off....

I agree with all the posts here but should this not be in the debate forum?
I come to DR&MM for funny drunken nonsense. Not the 100th thread about the bailout.

IrregularPulse said:

I agree with all the posts here but should this not be in the debate forum?
I come to DR&MM for funny drunken nonsense. Not the 100th thread about the bailout.

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Because I vowed to no longer participate in the debate forum I figured it was more of a statement than a question or suggesting a debate. Oh, wait a minute I did ask a question only I used WTF!! instead of WTF??

GilaMinumBeer said:

Amen brutha'!

Mebe I can get 0%. Oh. Wait.

Then I'd just be renting from the Bank, wouldn't I?

.

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Its 0% interest rate, all your payments would go to the principal.

This is what I did not understand about the stimulus package. Allowing someone to refinance at the current rates, despite being upside down on their house makes sense, if they can afford the payment. If someone cannot make the payment then this makes no sense. There are some people that did have 20% equity in their home at one point who due to market dropping no longer have that 20%. Allowing them to refinance makes sense because they are less likely to foreclose and/or they will have additional money to spend and it should not cost the government much if anything. If the person can not afford the payment then changing the loan to a sub market rate loan is most likely just delaying the time when they are behind in payments again. Which is going to cost.

However if you have 20% equity in your house and good credit you can refinance for a sub 5% without any government help. If you are paying well over that it is your own fault.

Craig

In my area refi's are surging. I just finished mine and am in WAY better shape than I was. I am saving about $300 a month!!!!

I agree that this kind of refi, can really help people who may have been screwed by the bubble, but some people are just a lost cause, and going below market value will not help them.

I suspect that the real point of federal mortgage help is to lessen the fall of home values to mitigate the effect of lower home values on local property tax revenues, and that they sell it so as to show empathy for those that are in peril for any reason, to show that the government is 'helping the little guy'.

Henry did you move to perry? I thought you lived down by BC.

RICLARK said:

Well Said Evan! This is why I am going to keep renting until I can afford a 20% Down Payment. No friggin way should people making 10 bucks an hour being given 300,000$ Mortgages with no money down.

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But But ACORN said i have a right to a home, wait i make more then 10usd per hour, and if i worked in the States i would be paying ~1/3rd to taxes(so glad i work out side the US )




NOTE Sarcasm was put on with a garden trowel.

I guess what really bugged me was the way she asked, kind of like asking her local township "How do I get one of those free recycling buckets you guys are giving out?"

Henry Hill said:

I suspect that the real point of federal mortgage help is to lessen the fall of home values to mitigate the effect of lower home values on local property tax revenues, and that they sell it so as to show empathy for those that are in peril for any reason, to show that the government is 'helping the little guy'.

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Of course, in Michigan, our property values can go down while the taxable value goes up because for the way property tax increases are limited under the Headley Amendment.

mmb said:

Of course, in Michigan, our property values can go down while the taxable value goes up because for the way property tax increases are limited under the Headley Amendment.

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In NJ, SJ at least anyway, property assessments for tax purposes were always (as long as I can remember) way lower than the actual value (right or wrong). Now the tables have turned due to townships re-assessing homes at the peak of the real estate boom to the comparable sale values at that time. I have 2 properties, one I live in and one I have as an investment property (rentals). The investment property is 60k less in value than the township assessment. I fought the assessment back then for this very reason and lost. They were using properties that were on the market for 1+ years in some cases. Overpriced for sure but they used them since they did eventually sell for that. Good thing I don't loose control or I probably would have done something stupid that day. My taxes actually went down but it opened the door for major increases down the road.

dagamore said:

But But ACORN said i have a right to a home, wait i make more then 10usd per hour, and if i worked in the States i would be paying ~1/3rd to taxes(so glad i work out side the US )

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You mean you're a US citizen working outside the US and not paying your taxes? For shame. You should read this...http://www.irs.gov/pub/irs-pdf/p54.pdf

menschmaschine said:

You mean you're a US citizen working outside the US and not paying your taxes? For shame. You should read this...http://www.irs.gov/pub/irs-pdf/p54.pdf

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And I file every year, and yet I don’t have to pay, ref page 14 330 days in Germany per year(easy I live here), and ref page 19 my taxable income is under 87,600 per year.

I do it by the book, and still get away with no taxes. I love this system. But I do wish that the US went to a say 15%(or lower) flat tax and no exceptions, If you are a US resident all forms of income count and everyone pays the flat rate.

I see alot of people getting thier 3500.00 mansion payment reduced by 2300.00 because they lost thier 400k a year job! boo hoo hooo! I live in a 160k house and have the same payment they do now!

Oh well! they will pay for it sooner or later!

This is called redistribution of wealth, and is a key tool these days to gain votes.

Just because it is legal doesn't make it ethical or right.

Holy necrobump

Yes - super necro...

I don't feel any sorrow or pity on the folks who could NOT afford what they bought.

But the economy has brought several folks to their knees that never expected it. I have a good job, but my two brothers who were both successful, far out-earning me, are now BOTH on food stamps, one has lost his house, the other about to - and neither was their fault. The economy took a horrendous dive and they both lost their jobs - and have been unable to find anything substantial. And their houses were modest 150K - type homes.

Again, no pity for those that never should have qualified (and knew it !), but some circumstances are beyond our control.