normiss 898 #1 October 24, 2011 Obama is listening to you! Hope this program actually helps some people. Quote Share this post Link to post Share on other sites JohnMitchell 16 #2 October 24, 2011 Nice link. Shah, here's a chance to save some big bank. Money is so cheap right now. It makes me want to go out and buy something. Quote Share this post Link to post Share on other sites VTmotoMike08 0 #3 October 24, 2011 Quote The new rules will allow homeowners who owe more than 125% of the market value of their homes -- $125,000 in mortgage balance on a home worth less than $100,000, for example -- to get new loans. Really, do they think the average reader is so dumb that they have to explain what 125% means?. ....nevermind, I don't want to know Quote Share this post Link to post Share on other sites JohnMitchell 16 #4 October 24, 2011 Never underestimate stupid. Quote Share this post Link to post Share on other sites shah269 0 #5 October 24, 2011 Quote Obama is listening to you! Hope this program actually helps some people. Yes thank you sir! A well connected friend told me to sit tight after we spoke about my issue of being %127 under. (If it was only 125% it was only $4k to refinance but at 126% it would have been about $14k) It not only will help me, though my accountant recently helped me greatly to reduce my taxes due to a clerical error but it will also help others to free up capital that they can then utilize to pay down their credit card debt, buy new goods and services, maybe jump more? or even tip their packers? My friend works for perhaps the biggest bank ever and over drinks at a place I could never afford to walk into he was telling me that how on average most people (40%) who bought a home in the past 5 years or so are underwater by 30% or more and that the HARP loan thus far has only really helped out about 400k people which is really nothing. But yes it will help me I will be contacting my agent shortly. And this time I hope not to tell him to go pound salt for suggesting I invest in a property that is that far below water. Now the fine line is going to be if I like many people can wrap up their second loan into the primary one. Many people utilized the 80/20 system to forgo PMI (at the time with the X wife I made too much money and PMI would have been very high). The idea was that the two loans would in theory move together and in the near future the two could be joined together under a refinance. But in the boom cycle most peoples 80% loan and their 20% loans were sold separately. My friend indicated that of the underwater loans on the market something like 30% were 80/20's. But who knows? As long as we can find a way to liberate consumers capital and reintroduce it back into the economy the faster we will recover and the sooner life will be good again for everyone not just for some.Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay. The only thing that falls from the sky is birdshit and fools! Quote Share this post Link to post Share on other sites rehmwa 2 #6 October 25, 2011 Quote Hope this program actually helps some people. yup - 'some people' just might be better off - at the cost of everyone else in the spirit of following up two failed 'stimulus' programs with a third, we now introduce: "the thing that got us into this mess" round two...... forcing banks to give out bad loans - the sequel ... Driving is a one dimensional activity - a monkey can do it - being proud of your driving abilities is like being proud of being able to put on pants Quote Share this post Link to post Share on other sites DrewEckhardt 0 #7 October 25, 2011 Quote Quote Hope this program actually helps some people. yup - 'some people' just might be better off - at the cost of everyone else Some important investors and banks will have fewer walk aways and be better off when the GSEs pay off home owners' underwater mortgages and assume the risk of default on behalf of the tax payers. As side-effects some home debtors benefit and keeping those potential foreclosures off the market means property values will take longer to revert to their inflation adjusted mean thus keeping young people and others out of the market longer. Quote Share this post Link to post Share on other sites airdvr 210 #8 October 25, 2011 All backed by the full faith and credit of the United Sta.....er...guess that doesn't carry the weight it used to. Please don't dent the planet. Destinations by Roxanne Quote Share this post Link to post Share on other sites Join the conversation You can post now and register later. If you have an account, sign in now to post with your account. Note: Your post will require moderator approval before it will be visible. Reply to this topic... × Pasted as rich text. Paste as plain text instead Only 75 emoji are allowed. × Your link has been automatically embedded. Display as a link instead × Your previous content has been restored. Clear editor × You cannot paste images directly. Upload or insert images from URL. Insert image from URL × Desktop Tablet Phone Submit Reply 0
JohnMitchell 16 #2 October 24, 2011 Nice link. Shah, here's a chance to save some big bank. Money is so cheap right now. It makes me want to go out and buy something. Quote Share this post Link to post Share on other sites
VTmotoMike08 0 #3 October 24, 2011 Quote The new rules will allow homeowners who owe more than 125% of the market value of their homes -- $125,000 in mortgage balance on a home worth less than $100,000, for example -- to get new loans. Really, do they think the average reader is so dumb that they have to explain what 125% means?. ....nevermind, I don't want to know Quote Share this post Link to post Share on other sites
JohnMitchell 16 #4 October 24, 2011 Never underestimate stupid. Quote Share this post Link to post Share on other sites
shah269 0 #5 October 24, 2011 Quote Obama is listening to you! Hope this program actually helps some people. Yes thank you sir! A well connected friend told me to sit tight after we spoke about my issue of being %127 under. (If it was only 125% it was only $4k to refinance but at 126% it would have been about $14k) It not only will help me, though my accountant recently helped me greatly to reduce my taxes due to a clerical error but it will also help others to free up capital that they can then utilize to pay down their credit card debt, buy new goods and services, maybe jump more? or even tip their packers? My friend works for perhaps the biggest bank ever and over drinks at a place I could never afford to walk into he was telling me that how on average most people (40%) who bought a home in the past 5 years or so are underwater by 30% or more and that the HARP loan thus far has only really helped out about 400k people which is really nothing. But yes it will help me I will be contacting my agent shortly. And this time I hope not to tell him to go pound salt for suggesting I invest in a property that is that far below water. Now the fine line is going to be if I like many people can wrap up their second loan into the primary one. Many people utilized the 80/20 system to forgo PMI (at the time with the X wife I made too much money and PMI would have been very high). The idea was that the two loans would in theory move together and in the near future the two could be joined together under a refinance. But in the boom cycle most peoples 80% loan and their 20% loans were sold separately. My friend indicated that of the underwater loans on the market something like 30% were 80/20's. But who knows? As long as we can find a way to liberate consumers capital and reintroduce it back into the economy the faster we will recover and the sooner life will be good again for everyone not just for some.Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay. The only thing that falls from the sky is birdshit and fools! Quote Share this post Link to post Share on other sites
rehmwa 2 #6 October 25, 2011 Quote Hope this program actually helps some people. yup - 'some people' just might be better off - at the cost of everyone else in the spirit of following up two failed 'stimulus' programs with a third, we now introduce: "the thing that got us into this mess" round two...... forcing banks to give out bad loans - the sequel ... Driving is a one dimensional activity - a monkey can do it - being proud of your driving abilities is like being proud of being able to put on pants Quote Share this post Link to post Share on other sites
DrewEckhardt 0 #7 October 25, 2011 Quote Quote Hope this program actually helps some people. yup - 'some people' just might be better off - at the cost of everyone else Some important investors and banks will have fewer walk aways and be better off when the GSEs pay off home owners' underwater mortgages and assume the risk of default on behalf of the tax payers. As side-effects some home debtors benefit and keeping those potential foreclosures off the market means property values will take longer to revert to their inflation adjusted mean thus keeping young people and others out of the market longer. Quote Share this post Link to post Share on other sites
airdvr 210 #8 October 25, 2011 All backed by the full faith and credit of the United Sta.....er...guess that doesn't carry the weight it used to. Please don't dent the planet. Destinations by Roxanne Quote Share this post Link to post Share on other sites
