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With the current economic situation, here is one way to resolve the issue. What is your opinion or way to save the economy? First off, $700 billion bailout from the government? ouch By saving the real estate market, it will help the entire economy get back on track. Home owners bought outside their means, didn't understand what they were agreeing to, or took out equity at the peak of the market. Now these individuals have lost their homes, or are in foreclosure. Banks/Lenders can't sell these homes and are sitting empty. Ex-home owners have had to move in with family and friends, rent, and in some cases become homeless. MY SOLUTION Home owners that are unable to pay their mortgage, should be allowed to have their home value reassessed and be given a lower fixed apr. That being said, the difference between the current value of the home, and what is currently owed on the home will need to be repaid upon the home being sold. In addition, once the home is sold, any amount over what is owed, will be split 50/50 between the home owner and the government. The home owner would not be able to sell their home for 5 years, unless the home can be sold for at least what is owed (mortgage & gov). Example -Home owners have a mortgage for $400,000 -House is assessed at $200,000 -New house payment 1/2 as much -15 years later the house is sold for $600,000 Home owner pays off what is remaining from mortgage. Repays $200,000 that the government paid, and splits the remaining $200,000 50/50 with the government. This will drastically cut the foreclosures, and save the US economy, especially the real estate market. When homes are sold in the future the government will get its money back, and profit from all homes sold under that program well into the future.
My first draft had interest included in the repayment of what the government covered. As far as living within ones means, I agree completely. However, with the current situation, its about limiting the houses reaching foreclosure, and keeping home owners in homes. My plan is not about forgetting about what a person owes, it is about making the payment within their means so they do not go into foreclosure. Also by the home owner having to repay what the government subsidized (w/wo interest), and splitting any profit from selling their home, it is not only removing a huge profit from a government program to a home owner, but also giving additional income back into the government.
I'm surprised the President and Congress didn't think of this before. It is amazing how flexible they were in lending practices. But when people were facing foreclosures, the banks were inflexible in renegotiating their fees and interest rates. Banks were greedy and still are greedy. What government needs is to force these banks to take responsibility. It would be slow going. But we really need to get these people back in their homes or in reasonable price homes. Contact these people and find a payment they can handle offer a home in there affordable range. Make a deal. The majority of these foreclosures happen not because people lost their jobs but because the loan amount adjusted to an unaffordable number. We do need stabilization but not a full scale bail-out (sending a check). Government does not need to take whole companies over but lay out a plan to help them get back on their feet. I do believe in some level of private funding for this bailout. Sell secured bonds (fixed interest) to the public guaranteed by the federal government with the expressed plan to use this money to make banks and insurance comply with a strict guideline to resolve this crisis. This would help restore confidence in the system without having tax-payers foot the whole bill. This would not supply the full amount needed, but would help and force the banks to take care of their own mistakes. Recession are a normal part of the business cycle, this bail-out will not eliminate a recession. But I think the governement is going over-board with this bail-out Americans are tough-going people. if they see a light at the end of the tunnel, they will weather this storm.
I read a very similar solution in the Business section of the paper yesterday, where the key was to save Main Street, not Wall Street. It's basically what they did after the Great Depression. The problem with that approach (according to Wall Street, who really just wants the cash bail-out) is that it will take a relatively long time for the "trickle-up" effect of such a program to turn companies around. Well, I say who cares? The people get relief first, not the greedy fat cats who mishandled the economy in the first place. If it's okay for the trickle-down effect to take a coupla-few years to be felt by the little guy, then soon-to-be ex-billionaires can wait a coupla-few years to get their multi-million dollar golden parachutes. They screwed everything up. Let them live like the rest of middle-class America for awhile. They're lucky they're not going to jail.
I don't think thats fair. What about those that don't over indulge, over spend, work two jobs and refuse to declare bankruptcy without fighting for their lives? IF THEY CANNOT HANDLE THE TERMS indiana RESPONSIBILITY THEY SHOULD NOT BE ABLE TO OWN... Lord there are mentally incapable people that don't overindulge that handle money better than MOST seemingly "average" citizen that has a job and can walk in and get a loan. Why indulge the deadbeats? And by deadbeats I do NOT mean the elderly or the ones that cannot work because of an accident or illness NOT of their making. Of those I think your plan can work, WITH MODIFICATIONS I think declaring bankruptcy is WAY to easy, buying the latest technology is way to tempting, those vacations, those keeping up with the Joneses, those you have to show off to so you buy buy buy. The only other way I see YOUR solution is -home owners have a mortgage for $400,000 -house is assessed at $200,000 -new house payment 1/2 as much.... -15 years later the house is sold for $600,000 the homeowner repays the $200,000 PLUS $200,000 WITH 10% interest and KEEPS the remaining, AFTER repaying capital gains on the whole deal. It costs to have a loan, it costs us all if people default on their loans. I think the "write off" or deferred "assessment" should, if this is utilized become a LARGE interest loan to be repaid. The more I come in and see people trying to find a way out of responsibility because of their over indulgence or lack of responsibility or feeling of entitlement, the less tolerant I get. I don't think we should be giving the wealthiest nation in the world MORE MORE MORE, with them always looking for loopholes out of paying their bills. WE ARE NOT THE KINGS of the world. We are strong, we have advantages, we have minds. And I don't think those that take their responsibilities seriously, pay their way AND GO WITHOUT, to do this should pay or be penalized and have to pay for those that don't. And that's exactly what happens, in real estate, with lawsuits, with 72 percent of the worlds lawyers, with defaults, with lack of insurance, with greed. We need to accept responsibility and we need to take it seriously and do what we PROMISED to do, indiana GO WITHOUT.
Sounds like a very interesting plan. One thing to watch for is remortgaging oversights so that lenders do not rake in profits for remortgaging fees. I would also add in the maybe 50% of the difference in reassessent value be due and paid by the investment houses that bought these bloated loans, they can't out scott free. If they can't repay then have a low rate loan available to them.
It makes to much sense to do something to help the home owners instead of the all ready rich financial markets. Our gov't rather see the people hurt and screwed over than help us. There are plenty of really good logical ways to help these people out of foreclosure but nobody cared to hear bout that. It makes me sick. I work with foreclosures everyday and to get the mortgage compines to work short sales and foreclosures is like pulling teeth. It also kills me to see all these famous people shelling out millions to help everybody else, but GOD help them if they give the American people a dime. Its a wonder why so many people are hurting and depressed- nobody gives a **** about us.