When you file Chapter 13 you have a choice of getting out of it at any time during the process. However, with Chapter 7 you have to go through with it no matter what. Most of this debt is credit card debt and within 7-10 years your out from under the debt if you never attempt to resolve it. So does it really make sense to take a person's (only asset) their home valued at $100,000. for a debt
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Obama Announces Economic Recovery
Advisory Board
Obama is working hard to clean up the economy and is looking for suggestions in and outside of Washington.
Popular Suggestions » Housing
Is this really fair?
Posted by betvrdn 577 days ago (Suggestion)Allow Victims of Forclosure to Live in Unsold Homes. Give Builders a Tax Break
Posted by hereiam 579 days ago (Suggestion)
Why don't we let victims of foreclosures temporarily live in some of the homes that are sitting on the market. The Government could then give the builders at tax break at the end of the year. Or maybe the government comes up with a plan that will allow the foreclosure victims to rent the homes at a reduced rate?
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Keep families in their homes
Posted by o2419 575 days ago (Suggestion)
Keeping families in their homes will prove to be the best use of any TARP or STIMULUS monies long term.It will keep neighborhoods vibrant and stabilize home values.
Create a process that would enable home owners to "extend their mortgage term" 18-24 months until our economy gets back to normal.During this time frame not have to make their regular mortgage payment. If able, make their tax & insurance payments.
Based on TV & Newspaper accounts, the loss of jobs nationwide continues to worsen. Act now!
As main street goes ,so goes the nation. Don't force good hardworking families into unnecessary foreclosure. LEND A HAND , NOT A HAND OUT. Read More »
Create a process that would enable home owners to "extend their mortgage term" 18-24 months until our economy gets back to normal.During this time frame not have to make their regular mortgage payment. If able, make their tax & insurance payments.
Based on TV & Newspaper accounts, the loss of jobs nationwide continues to worsen. Act now!
As main street goes ,so goes the nation. Don't force good hardworking families into unnecessary foreclosure. LEND A HAND , NOT A HAND OUT. Read More »
Help people that tried to help themselves
Posted by ELSIE1111 559 days ago (Suggestion)
Why don't you help people that tried to do the right thing? People that never had a problem before the economy went in the toilet?
We have always paid our mortgage on time, truck payment on time, etc. Now with the economy going to the birds, we can barely make put food on the table and still pay all our bills. We are not looking for a handout, only a little help.We have tried those"Hope for Homeowners" websites, but do not think we qualify.
What about suspending payroll taxes for 6 months? I can tell you that this would go a long way to "Jump starting" the economy. People like us would be able to catch up on all bills and start shopping again. Isn't that what the economy needs? Us to start spending again?
I am sorry, but we did not make the banks get into bad investing, the bank Read More »
We have always paid our mortgage on time, truck payment on time, etc. Now with the economy going to the birds, we can barely make put food on the table and still pay all our bills. We are not looking for a handout, only a little help.We have tried those"Hope for Homeowners" websites, but do not think we qualify.
What about suspending payroll taxes for 6 months? I can tell you that this would go a long way to "Jump starting" the economy. People like us would be able to catch up on all bills and start shopping again. Isn't that what the economy needs? Us to start spending again?
I am sorry, but we did not make the banks get into bad investing, the bank Read More »
Section 8 Housing Needs revamping
Posted by tomtom27 573 days ago (Suggestion)
There are many people on Section 8 continuing to have children just to stay in this program and they are not trying to better themselves. Their housing is better than the American worker because now they are able to rent nice homes and even buy them. The government is crippling these individuals. In order to stay in this program they either stay in school with descent grades or work continuously. They really need to revamp this program. Where is the aid for those who have lost there jobs after 25-30 years. What resources do they have when they have help support these people before the came into hard times.
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Definetley Double the Tax Credit for New Home Purchases
Posted by readyforchange 579 days ago (Suggestion)
I heard rumors that they were thinking of upping the tax credit for buying a new home to 15,000 from 7500. That could definitely boost the economy. Think of all the new homeowners that could use that money for renovations or remodeling. That could help home builders that are sitting on new inventory. It would give them something to occupy their time.
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Common Sense Leadership
Posted by aprilarnold 573 days ago (Suggestion)
Common Sense: Safety should be our first priority. No safety= no life. Liberal funds for ridiculous social programs should not be the priority now. The priority should be: 1. Getting inventory housing products and foreclosures off of the market by offering 25K tax break for ANYONE who purchases. Lower the interest rates to 3-4% and have refinancing done without review of an appraisal. This will allow banks to start lending money again. Sending a stimulus check is ridiculous as well...Not a smart use of money at all!! Fix the underlying issue FIRST, don't band aid the issue by sending stimulus checks! In regards to Bipartisanship: Good luck...The world has and always will be at odds, this is why it is called earth and not heaven.
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Lenders Discriminating Against Citizens Still Paying Mortgages
Posted by rstaubscon 562 days ago (Suggestion)
I have done my due diligence. I have contacted everyone from the FDIC, HUD, Indy Mac(my lender), my Congresspeople, my Senators, my Governor, and the White House. I have hired a Loan Modification company to help me and yet, I am no closer to resolution than I was in July 2008 when Indy Mac was listed as failed by the FDIC and my mortgage payment doubled overnight without warning. Of all the people I've contacted, only Congressman Jerry Lewis responded. Of course, that response was that he couldn't help me. I've begged Indy Mac to work with me. They continue to refuse me any assistance because I am not default on my loan. I have cut out every possible luxury, I've cut back everything I can, I've gone the entire winter without heat (because I couldn't afford to pay both the mor
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Handling the Foreclosure and Mortgage Crisis.
Posted by DilipNandi 571 days ago (Suggestion)
As a mortgage broker/banker since 1992 the present crisis is complex and requires long term solutions rather than arbitrary short term stop gaps.
1. Artificial low rates for new home purchases are a poor solution to those borrowers who have been paying their bills on time, but no longer qualify for mortgages whether they are choosing to purchase or refinance.
2. Returning to the required credit qualifications of 1998 where a borrower had to have a minimum credit score of 620 and a stable history of employment, a consistent pattern of savings and the ability to manage their finances needs to be reconsidered by ALL lenders.
Requiring a minimum credit score of 740 to receive the prevailing interest rates is arbitrary to the average qualified borrower.
3. Recasting the loans that Read More »
1. Artificial low rates for new home purchases are a poor solution to those borrowers who have been paying their bills on time, but no longer qualify for mortgages whether they are choosing to purchase or refinance.
2. Returning to the required credit qualifications of 1998 where a borrower had to have a minimum credit score of 620 and a stable history of employment, a consistent pattern of savings and the ability to manage their finances needs to be reconsidered by ALL lenders.
Requiring a minimum credit score of 740 to receive the prevailing interest rates is arbitrary to the average qualified borrower.
3. Recasting the loans that Read More »
Make All Adjustable Rate Mortgages - 30 year Fixed
Posted by LITLHULK 561 days ago (Suggestion)
Many of people who have lost their homes were due to sky rocketing adjustable rate mortgages where mortgage companies were just taking advantage of home owners. I think Obama should add this to his new stimulus package. All adjustable rate mortgages should be converted to 30 year fixed and adjustable rate mortgages should no longer exist.
Read More »
60-Year Term Mortgage Adjustment For Home Owners
Posted by kingtree 119 days ago (Suggestion)
Here are the current conditions that home owners are facing that does not allow for enough flexibility during this or any housing crisis. With a fixed rate mortgage home loan, borrowers can choose from several terms, 10, 15, or 20-years.
The majority of fixed rate mortgage home loans have 30-year terms. Moreover, some lenders have begun to offer extended 40-year terms, which offers additional monthly savings.
Exactly when the rate of your ARM loan will change depends upon the terms of your loan agreement, which could see rates change every three months, once a year, every three years, or not until five years. It’s not uncommon to find ARMs that start at a fixed rate and convert to an adjustable rate after several years.
My suggestion is to enact a law so that all banks are Read More »
The majority of fixed rate mortgage home loans have 30-year terms. Moreover, some lenders have begun to offer extended 40-year terms, which offers additional monthly savings.
Exactly when the rate of your ARM loan will change depends upon the terms of your loan agreement, which could see rates change every three months, once a year, every three years, or not until five years. It’s not uncommon to find ARMs that start at a fixed rate and convert to an adjustable rate after several years.
My suggestion is to enact a law so that all banks are Read More »
a British way to help people buying houses
Posted by hungcheechan 556 days ago (Suggestion)
I am talking to a British today and he told me a unique program in UK: the government buys half of the house and pays its share of the mortgage, so the home owner only pay half of the full mortgage, while also pay rent (to the government) for half of the house.
I think this program can substantially reduce the # of foreclosure and enable more people to buy their first houses. Of course the govt can make the rent very affordable, and/or let a portion of the rent become payment after a period of time.
hc Read More »
I think this program can substantially reduce the # of foreclosure and enable more people to buy their first houses. Of course the govt can make the rent very affordable, and/or let a portion of the rent become payment after a period of time.
hc Read More »
Housing Crisis Suggestion
Posted by WillTaylor 551 days ago (Suggestion)
A straight forward solution would be to drop all existing loan rates to ~3.8%, convert all ARM's to 30 years at same rate, then drop the mortgage interest tax deduction.
Read More »
Equity Bailout - The money needs to be returned
Posted by betvrdn 558 days ago (Suggestion)
People who had equity in their homes when they were taken should be able to get that money back. Just because you have taken the home doesn't mean you own the equity too!
Read More »
Do what was promised
Posted by mbocher 570 days ago (Suggestion)
The original TARP was supposed to be "Market Priced" and made a lot of sense. The Gov. buys the derivatives at "market" which is discounted at least 40 to 60% and some up to 75%. Even with the average market down 40% and even with 10% failure rate, the gov turns around and sells the mortgage back to the home owner again at "market", which should yield a small profit for the Gov and makes the banks take the hits they so richly deserve. If they are forced out, so what? The home owners are being forced out and NO ONE is stopping that only talking about doing "something". Giving the banks more money than they are actually valued at is obscene but that seems to be the policy of the gov . Instead force the banks to unload their toxic assets to become solvent and stop the downward
Read More »
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