Only 5% of Underwater Homes May Qualify for Write-Downs

Too many loans to unqualified buyers and now we again have to abil them out?
When is enough, enough???

TARP II is on the way. You won't hear about it until after the election. Then they'll be there to take the rest of your money.

www.Hear-The-Truth.com

I bought my house in 2007 for 180k currently my house is worth 150k I have never been late, not even a single day but am out growing my house due to my family growing. Not that I would take it if they offered it because I’m responsible for my purchase regardless of the current value, but I find it counterproductive that only people who are delinquent on their mortgages qualify for this. Let’s reward the people who don’t make their payments versus the rest us who have made sacrifices to our personal finances to make sure we make our payments on time.

those are better odds than winning the lottery.

This is a joke.... All Remaining homeowners that can afford their mortgage and pay on time lose out big time. The mortgage industry is to blame for my lost equity amd tanking the housing market. They should never have loaned money to people that couldn't afford a mortgage. Because of their greed the rest of us are underwater on our homes.

This is an outrage. Honest people who pay on time but are underwater are ignored and people who didn't read their contracts get bailed out by - guess who - see my first line - the honest taxpayer.
Disgraceful. This govt is just building more and more of a dependency culture to capture votes and power.

Barny Frank and his former live in boyfriend (a Fannie Mae executive) conspired and forced the banks to loan money to people that obviously couldn't afford the payments just to boost the numbers of Fannie Mae. When you have someone making $30,000 a year and getting approved to buy a $250,000 house, something is really wrong. Banks never used to loan money to people that couldn't afford to pay it back until the government got involved and told them that it's every American's "right" to own a home. This is the same Barney Frank that as recently as 2008 said that Fannie Mae and Freddie Mac were in good shape and saw no problems for them in the future. Of course, since then "we" the taxpayer have given them over $150 billion dollars.

This is a scam. If you can qualify, you end up paying PMI which negates any decrease in interest.

The phrase i read was "The banks just want your money" Well look at it like this ,its not your money its their money,sp pay up.

by Howie - March 3rd 2012 @ 4:05PM
the goverment should give to every HOMEOWNER IN GOOD STANDING.EVERYTHING PAID UP TO DATE TAXES ETC..FOR A YEAR A "2%" MORTGAGE..THOSE OF US IN GOOD STANDING WHO ARE PAYING SAY 5 TO 6 PERCENT..WILL HAVE THE ABILITY TO "SPEND THE DIFFERENCE ON PURCHASES FOR THE HOME....VACATION...CLOTHING...INVESTMENTS..THERE IS A 7 TO 9 MULTIPLE EFFECT OF EACH DOLLAR...
THE GOVERMENT WOULD HAVE SAFER EQUITY FROM US "THE GOOD HOMEOWNERS...
NOw next ..SMALL BUSINESES WOULD SEE A INFLOW OF SPENDING FROM THIS GROUP....
THE BEST EFFECT IS READY????????LOWER INTEREST PAID BY US "EQUATES TO HIGHER TAXES PAID...AS WE WILL HAVE LESS MORTGAGE DEDUCTIONS!!!!!!!!!!!EVERYONE WINS....

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@broke13-I'm NOT wrong. Yes, that's a capitalized NOT. I don't know which bank you've talked to, but I know for SURE that all the banks give you the run around -"Oh, we can't give you a modification because your loan is current"; "You don't qualify for a modification because you have too much income" (underwater loans); "You don't qualify for a modification because your income is not sufficient". Blah, blah, blah... That's what the banks will tell you when you are in the "modification process". Have you talked to people who are actually in the process of modifying? They will ALWAYS, and I can guarantee you this, tell a potential applicant he/she will not qualify "because you are current on your loan". They will always "lure you in the trap" and make sure you're behind and can't afford to catch up so they CAN take your house. This happens to good, HARD WORKING, used to paid on time regular folks. The banks are playing on the American peoples "moral beliefs". The banks KNOW they have the support of those who always think "those dead beats, why don't they pay their mortgage, they're biting off more than they can chew" type of mentality. The banks know YOU will support them because your mentality is SO SET on the belief that "because these lazy, free loading, not paying their mortgage, shouldn't have gotten the loan in the first place people" need to pay for what they did and so let the banks take back the home. That's the kind of mentality the banks are counting the American people will resonate so they (bank) can continue to "Fraudulently" take all the homes. Don't be SUCKED in by this mentality. Go ask those who were foreclosed on. Have you spoken to someone whose lost their home? Do you REALLY think they wanted to have their home foreclosed on? I can guarantee you that 99.9% of those who lost their home to foreclosure WANT to pay back the loan amount, only they needed a little help to make the monthly payments more manageable. Do you know the thing called Life? Sometimes bad things happen. People have unexpected life events happen - lost jobs, a sudden health circumstance, a death in the family -LIFE(albeit I will admit a small number of people have malicious intent to default). People DON'T normally WANT to be homeless. Do you? I KNOW this because I was in the same boat until "I" did my own research and learned about how these banks trick honest, hard working American citizens out of their homes. I've talked to many foreclosed homeowners. Those homeowners don't want a free hand out. They were willing to work something out, but the BANKS are too greedy. The BANKS are the ones who want their cake and eat it too. Don't listen to me. I dare you to go talk to one of those foreclosed homeowners. You think he wants to be embarrassed about the fact that he can't make his mortgage payments? You think he wants people to know that he's being foreclosed on? You don't think he's trying to find every POSSIBLE solution to make it so his family doesn't have to be out on the street. Think about that. Or are you still "STUCK" in your selfish morality mentality? NO ONE WANTS TO LOSE THEIR HOME - NO ONE. Think about that!

So each homeowner is going to get ~$50,000 towards principal reduction? Sounds like another break for the wealthy.

I can't tell you how often I've heard from people who say, "I've played by the rules. I've never missed a mortgage payment even though my home is underwater. Where's my bailout?" It's been absolutely crazy that there's been help for those who don't pay, but not for those who do pay. Now there is help check 123 Refinance

More lip service from Big Lips!