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Thread: Obama seeks to aid 9 million homeowners

  1. #21
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    Re: Obama seeks to aid 9 million homeowners

    Quote Originally Posted by independent_thinker2002 View Post
    That's your false premise. It's only free equity if prices overinflate again
    Wrong. Its free equity if the value of the home goes up at ALL.

    So... why do yo NOT have a proiblem with giving people tens of thosands of dollars in free equity?

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    Re: Obama seeks to aid 9 million homeowners

    Quote Originally Posted by Goobieman View Post
    Wrong. Its free equity if the value of the home goes up at ALL.

    So... why do yo NOT have a proiblem with giving people tens of thosands of dollars in free equity?
    "Going up at all" is not equal to "tens of thosands of dollars".
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    Re: Obama seeks to aid 9 million homeowners

    Quote Originally Posted by independent_thinker2002 View Post
    "Going up at all" is not equal to "tens of thosands of dollars".
    Going up tens of thoussands of dollars doesnt require "overinflated prices".

    So... why do yo NOT have a proiblem with giving people tens of thosands of dollars in free equity?

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    Re: Obama seeks to aid 9 million homeowners

    Quote Originally Posted by Goobieman View Post
    Going up tens of thoussands of dollars doesnt require "overinflated prices".

    So... why do yo NOT have a proiblem with giving people tens of thosands of dollars in free equity?
    You haven't proven that these homes are undervalued by tens of thousands of dollars.

    If they are, then that is a problem. That can be fixed by the provision that Tucker put forth. The OP's story doesn't have the particulars laid out.
    Quote Originally Posted by faithful_servant View Post
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    Re: Obama seeks to aid 9 million homeowners

    Quote Originally Posted by independent_thinker2002 View Post
    You haven't proven that these homes are undervalued by tens of thousands of dollars.
    I dont have to -- for your argument to hold water, YOU have to prove that if the value of these houses increase in value by tens of thousands of dollars, they would then be overinflated.

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    Re: Obama seeks to aid 9 million homeowners

    Quote Originally Posted by Goobieman View Post
    I dont have to -- for your argument to hold water, YOU have to prove that if the value of these houses increase in value by tens of thousands of dollars, they would then be overinflated.
    It's your hypothetical situation. You need to show the plausibility of it for me to entertain it. That would mean that you show they are undervalued as opposed to being a corrected value.
    Quote Originally Posted by faithful_servant View Post
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    Re: Obama seeks to aid 9 million homeowners

    Quote Originally Posted by independent_thinker2002 View Post
    It's your hypothetical situation.
    It is, though it is apparently NOT going to be so hypothetical all that long from now.

    You dismiss the isseu based on the idea that for people to get tens of thousands of dollars in free equity, the value of the houses would have to 'overinflate'.

    You know that's not the case; as you dont want to have to admit that you dont REALLY have an issue with people getting free equity at the expense of taxpayers, you'll continue to avoid the point.
    Last edited by Goobieman; 02-18-09 at 02:14 PM.

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    Re: Obama seeks to aid 9 million homeowners

    Quote Originally Posted by independent_thinker2002 View Post
    Well, this program is for people who owe more than 80% of their home's value and would look to bring payments into 31% of their income.

    I'm not sure if you qualify. I'm also not sure if the 80% is based on value at time of purchase or the current value.
    Either way, I would definitely fit the LTV requirements. I got an FHA loan when I bought and only put 3% down. Let's say that it is off of the purchase price, then I'd knock off about 10% of my loan. If it is off current market value, that would be more like 20%.

    As far as income goes, at the time I made the purchase, I ran a carpentry company during the construction boom. I made a killing in those days. Now, I no longer run that company and have taken a severe pay cut from my income levels at that time*. My payments are about 50% of my current personal income (the loan is only in my name, so I don't need the wife's income).



    But if you do qualify, you could only knock off 5 -10%. That's the current market value difference.
    That's assuming I put 20% down, which I didn't. I do qualify, and could make a fortune off of this in the long run if I was of that sort of person, (which I'm not).








    * One of the major reasons I took an FHA loan and only put 3% down was so that I could remain liquid and have enough of a reserve to prevent the worst case scenario if the construction industry went belly-up. It was definitely the right move.
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    Re: Obama seeks to aid 9 million homeowners

    Quote Originally Posted by Tucker Case View Post
    That's assuming I put 20% down, which I didn't. I do qualify, and could make a fortune off of this in the long run if I was of that sort of person, (which I'm not).
    Yes. Me too. A fortune. Well, a small fortune anyway.
    When I do, I'll thank IT2002 for the $.
    Last edited by Goobieman; 02-18-09 at 02:13 PM.

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    Re: Obama seeks to aid 9 million homeowners

    Quote Originally Posted by Goobieman View Post
    Yes. Me too. A fortue. Well, a small fortune anyway.
    When I do, I'll thank IT2002 for the $.
    Yeah. I'm overstating things a bit. It would be a small fortune for me as well.

    With my money, though, it would feel like a big fortune. It probably wouldn't cover Bill Gates' drink tab though.
    Tucker Case - Tard magnet.

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