so if i pay my mortgage I get no help... but if I stop paying for 2 months the government will help

[ORDagnabbit]

by even lowering the amount of my loan??????


I think I'm gonna stop paying my mortgage.

http://www.msnbc.msn.com/id/28891956/

Under the program, the Fed has a number of options to provide relief, including lowering the amount the homeowner owes on the mortgage, reducing the interest rate or lengthening the term of the loan.

[canetoad]

1. I'm not familiar with all the documents

but I recomment you get copies and and read every fecking thing that may be applicable to you.

[Idealism]

2. Careful, there probably will be fine print

Something to the effect of:
"Homeowner can only become eligible by having a two-month outstanding payment on their mortgage prior to xx/xx/0x" or something similar in nature to avoid abuses.

[tkmorris]

3. No, you get help if you CAN'T pay your mortgage for 2 months

I'm pretty sure simply refusing to make the payment isn't gonna cut it. Great idea though!

[Hippo_Tron]

4. Moral hazard issues are a shitty reason not to help people

Try thinking about others instead of yourself.

[MajorChode]

12. I'm not really sure how the program helps people

The program sounds good on the surface, but how many of these people are going to default on their loan eventually anyway?

And how is it decided who gets the help? I have neighbors that bought boats, RVs, and other expensive toys instead of saving money when times were good and I suspect they paid for much of them with the equity in their home which was 2-3 times bigger than what was practical to begin with. So now they are in way over their head, they never had any savings, and they are asking for help. Is it really a moral hazard to feel no sympathy for some of these people? Certainly some people who did make practical choices when times were good and are now in need deserve help, but I don't think the program discriminates between the two.

[relayerbob]

5. For those of us who are unemployed

your attitude sucks.

Greed is exactly what is fucking this country up.

I have been laid off for several months, was careful to get a conservative loan well within my means, until my company dissolved unexpectedly. I have continued to pay my mortgage, even though I can't afford it. It's called being responsible.

[Liberal_in_LA]

8. I think the OP was just making a point.

[metapunditedgy]

6. I'd guess it's a bad mark on your credit record, so hurts in the long run.

But it would be nice if the gov't would reward people for being responsible with their mortgages too.

Anyway, didn't the Bush admin recently have a "Help for Homeowners" program, and they couldn't make it work?

[ContinentalOp]

7. I'll ask again...

Why the fuck are the REPUBLICANS the ones to propose 4% interest rates? Why doesn't Obama have any plans to help homeowners? I don't want a fucking insulting $1000 tax cut I want a refinance. I hate to sound like a greedy, selfish conservative, but after all of the billions of dollars we've given to the banking industry, the average responsible homeowner needs to see some kind of help. I'm starting to get really furious about this. As usual there's lots of help for the very rich, a little token help for the very poor, and NOTHING for the middle class.

[Double T]

9. I'm going to stop eating so the government will buy me food.

[rufus dog]

10. You are focusing on the wrong enemy

The guy not paying his mortgage is not the problem, the greed of credit default swaps brought to you by the executives is the main cause. The crooks are walking away, the victims are being skewered. Please be careful and focus your outrage where it belongs. Otherwise you will be playing right into the crooks hands.

[ContinentalOp]

11. The way I see it, the OP is not blaming the victims...

but merely asking where the bailout is for everyone else. Everyone should have the opportunity to lower their interest rate, not only those in financial trouble. That's worth more than a stupid tax cut any day.

[rufus dog]

13. I can see that point

But some of us are going to get nothing. Is it fair, not really, but if we all line up and say what about me then we get nowhere. My house is tanking, if 30% of my neighbors default then my house tanks more, if 50% default then it tanks even more. So my hope is to keep the defaults to a minimum and as a byproduct I get something. Again, is it fair, not really. I didn't buy the ATVs, get three cars when two people are licensed, take out the second and put in another room or dig a pool. But what good does it do me to call out these people now?

[Blue Dog Dominion]

14. If they lower the amount owed or rate

do they lengthen the term to make up for the difference? There shouldn't be any free lunches in this program.

[DiverDave]

15. I HAVE been thee payments behind

and I gotta tell you, there aint no mortgage fairy.
I worked overtime, paid other bills lower then they wanted, so not only is my house in trouble, everything else is too.

Since my wife got laid off, things look pretty bad.

I contacted HUD and am waiting to hear back, but since I got a real loan and not one of the interest only, no finance check kind, I dont hold out much hope.

Ah, well, I'll just keep keepen on, it's all I know how to do.

Soon to be renting,
Dave