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Thread: Obama seeks to aid 9 million homeowners

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    Re: Obama seeks to aid 9 million homeowners

    Quote Originally Posted by Tucker Case View Post
    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.
    It would be enough to pay off my debts (except for the house itself, of course). But then, I only have a car and a (very small, I am told) student loan.

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    Re: Obama seeks to aid 9 million homeowners

    Quote Originally Posted by Goobieman View Post
    It would be enough to pay off my debts (except for the house itself, of course). But then, I only have a car and a (very small, I am told) student loan.
    I'd be able to do the same and have decent chunk left over. It's good not to be over extended on credit.
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    Re: Obama seeks to aid 9 million homeowners

    Quote Originally Posted by Tucker Case View Post
    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).





    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.
    Your FHA and 3% was a good idea.

    And you are supposed to make a fortune off of real estate in the long run. Unless there is a major reduction in population or your area turns into Cicero.
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    Re: Obama seeks to aid 9 million homeowners

    Quote Originally Posted by Goobieman View Post
    Yes. Me too. A fortune. Well, a small fortune anyway.
    When I do, I'll thank IT2002 for the $.
    It's you or the banks. I'd rather you have it. You'll put the money back into the economy better than the banks will.
    Quote Originally Posted by faithful_servant View Post
    Being a psychiatric patient does not mean that you are mentally ill.



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    Re: Obama seeks to aid 9 million homeowners

    Quote Originally Posted by independent_thinker2002 View Post
    It's you or the banks. I'd rather you have it. You'll put the money back into the economy better than the banks will.
    Personally, I have a HUGE problem with my money going to the irresponsible.

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    Re: Obama seeks to aid 9 million homeowners

    Quote Originally Posted by Goobieman View Post
    Personally, I have a HUGE problem with my money going to the irresponsible.
    Then why do you want it to go to the banks?
    Quote Originally Posted by faithful_servant View Post
    Being a psychiatric patient does not mean that you are mentally ill.



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    Re: Obama seeks to aid 9 million homeowners

    Quote Originally Posted by independent_thinker2002 View Post
    Your FHA and 3% was a good idea.

    And you are supposed to make a fortune off of real estate in the long run. Unless there is a major reduction in population or your area turns into Cicero.
    I doubt it'll become Cicero anytime soon. I'm like a half mile form the border of Park Ridge, and those bastards would sooner buy the whole town before they live next to "New Cicero".

    And its cool to make a fortune off of real estate, but it's not cool to do it by having other people pay for it in return for nothing. That's stealing, IMO.

    I think that if people use this option, they should have to get that alternative lien I described above. If it is government funds that are used, then the governemnt should have that potential lien.

    I don't see a problem with helping people in dire straights, I see a problem with giving the potential to profit off of the help beyond what they would have profited without it.

    If they sell form more than the initial principle amount before the reduction, they should have to pay back all of it. If they sell for less than the initial principle amount before reduction, they should only pay back as much as possible and the rest could be forgiven.

    For me, I see no problems with trying to keep people in their homes so long as they are not trying to abuse the situation (as I could, but wouldn't).
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    Re: Obama seeks to aid 9 million homeowners

    Quote Originally Posted by Tucker Case View Post
    I doubt it'll become Cicero anytime soon. I'm like a half mile form the border of Park Ridge, and those bastards would sooner buy the whole town before they live next to "New Cicero".

    And its cool to make a fortune off of real estate, but it's not cool to do it by having other people pay for it in return for nothing. That's stealing, IMO.

    I think that if people use this option, they should have to get that alternative lien I described above. If it is government funds that are used, then the governemnt should have that potential lien.

    I don't see a problem with helping people in dire straights, I see a problem with giving the potential to profit off of the help beyond what they would have profited without it.

    If they sell form more than the initial principle amount before the reduction, they should have to pay back all of it. If they sell for less than the initial principle amount before reduction, they should only pay back as much as possible and the rest could be forgiven.

    For me, I see no problems with trying to keep people in their homes so long as they are not trying to abuse the situation (as I could, but wouldn't).
    I completely agree with the lien that you propose.
    Quote Originally Posted by faithful_servant View Post
    Being a psychiatric patient does not mean that you are mentally ill.



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    Re: Obama seeks to aid 9 million homeowners

    Quote Originally Posted by independent_thinker2002 View Post
    Then why do you want it to go to the banks?
    Another side-step of the issue.

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    Re: Obama seeks to aid 9 million homeowners

    Quote Originally Posted by Goobieman View Post
    Another side-step of the issue.
    Our tax money is going to go somewhere. It's inevitable.
    Quote Originally Posted by faithful_servant View Post
    Being a psychiatric patient does not mean that you are mentally ill.



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