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Iron Cowboy

Governments Mortgage Modification Program?

17 posts in this topic

Anyone else catch garage logic yesterday? Joe is trying to figuire out who's accepted in the program and who's not. Anyway the part that made me mad was when a guy calls up and says he was approved a few weeks ago and it cuts his monthly house payment in half.. in the same conversation he talks how he just got his Harley back from a dealer service and is getting ready to head to sturgis!!

What the helll is a guy that can afford that kind of stuff getting bailed out for! Also know a couple that has a house way bigger than they need (for show) that drive newer big luxery vehicles and just bought theyre high school teenager a newer car as anything less would be too much trouble (and not enough show).. they were also approved crazy

Now I know others finances are not my business but when they start taking my tax dollars so they can live beyond thier means whats a guy to think mad My wife lost her job a while ago and to be prepared we reduced the money going out, we each have bought cheaper cars that we could pay cash for to get rid of payments. Sold off toys, cancelled all family vacation plans, and quit doing a lot of the extra things like eating out etc. so we could still make the mortgage. Then I hear about this kind of thing and wonder why we bother. We have had many lay-offs at my company and I allways work my asss off to avoid being one of them as the company cuts the less productive employees (which I agree with) but man these kind of deals make it hard to stay motivated at working hard and living within your means. I can never remember a time in my life where people getting govt. assistance were living better than those that work hard and make pretty good money? Just doesnt seem right, should I just give up now or Am I wrong? Anyone have any clarification?

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My advice? Only worry about things within your control. You'll live longer and happier. wink

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I agree with you IC. I have one of those types people in my family, and it ticks me off.

My first thought on Kidd's statement was "Whaaaaaat?!?!?!" smile but he is right. While those bailout "folks" tick me off (no question about it, they overextended themselves), we can do nothing about it except get high blood pressure, ha! So Kidd's advice is good for us...

Karma will take care of us all, that's what I keep telling myself anyway wink

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If they get approved for the modification and their debt to income ratio is above 55% they are required to obtain credit counseling. My thoughts are keep up the good "hard" work and provide stability for your family.

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Since its my tax money can I give a suggestion that along with "credit counselling" they give up all the "toys" and extra's beyond basic living too? bet there would be a lot less applicants (and paperwork) to do.

I remember as a kid there was a stigma to being on the Govt. dole.. getting the "free cheese" and other help to put food on the table was embarassing and you got off it asap.

man have things changed...Charlie Reese once said the problem with this way is to give someone something it doesnt just appear out of thin air, you have to take that equal amount from someone else to pay for it. and with this amount of giving the govt. is going to run out of people to take from because the "givers" are so heavily burdened and see life is just as good (or better, heck sleep in every day) as a "taker" that everyone will want to be a "taker"

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For a some of these people, their "toys" are the reason they are in trouble to begin with. The ease of approval 2 years ago made it reeeeeaalll easy to get most anything you wanted, and as long as you kept your job (uhoh) and the economy doesn't go in the tank (double uhoh) you'll be fine. We may see a lot of used toys flooding the market with no buyers in sight.

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For a some of these people, their "toys" are the reason they are in trouble to begin with.

EXACTLY! But what kind of trouble is it if you just get to keep the house, toys and entitlement mentallity while someone else pays for your selfish actions. Man if my mortgage payment were cut in half I could have a lot more "fun stuff" too.

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The story that Sucheray was commenting on can be found by cut and paste the following into your search engine.

Homeowners ask government in lawsuit: Where's the foreclosure relief ...

He (Joe) wanted to know if the government's "Home Affordable Modification Program" — a $50 billion initiative that was rolled out in March, is not set up help this guy Sendolo (and Williams) out, then who is it set up to help ?

It's a darn good question !

Does'nt mention any about them having "toys".

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yep, The toys thing was what I heard and took notice of when a guy called in about being approved and before that stated the whole just got the Harley back from the dealer and going to sturgis thing. I Dont think he wanted to rip the caller or go a different direction with the topic but it sure didnt sit right with me...I wish he would of said what the helll are you getting assistance for if you can afford that.

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Quote:
EXACTLY! But what kind of trouble is it if you just get to keep the house, toys and entitlement mentallity while someone else pays for your selfish actions. Man if my mortgage payment were cut in half I could have a lot more "fun stuff" too.

No, they already let them go back to the finance company... doesn't mean they couldn't get some more, though...

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I agree.

Sell off the toys.

Part I don't understand is how they can deny someones modification loan, without an explanation or appeal.

Where's the 50 billion going ??

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There are very specific requirements for the Home Affordable Modification Program, if you do not meet all the requirements you are not approved. However, this does not limit the other options that are available, such as the standard modifications that may be available.

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can some explain why the mortage insurance one is required to pay until 20% of the value of the home is paid off has not stopped prevented the mortgage crisis? Seems to me thats why people have to pay it.

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The problem with socialism is sooner or later you run out of other peoples money.

This type of thing can't continue. Sooner or later, those of us who work hard and are paying allthe taxes are gonna figure out its easier to be on the take.

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I was only referring to the guy in the story (Sendolo).

While there could be alot we do not know, he does'nt sound like a socialist or deadbeat to me.

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Mortgage insurance basically covers a percentage of the loan in case the borrower defaults on the mortgage.

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The thought was that if you paid at least 20 percent then the mortgage company would recoup their costs at foreclosure; however, since home values in some places have lost over 20% of their value they are loosing more and more (not to mention the insurance companies). Some lenders also became insurance companies which compounded the issues.

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