Will Obama help the people in foreclosure?
Millions.
This is the number of people facing foreclosure and financial ruin right now. What a horrible problem to face going into the job of President which also has to deal with other issues. I am personally glad the guy is young because I have seen the effect on the people who have had this job before. Seems to age them badly.
So let’s talk bluntly and bring out into the open the biggest issue with foreclosures. Why should the bank allow loan modifications?. They will just lose money and if more and more people do it, it will end up with the banks going to the government and asking for money to cover the losses. They already got some, and you can bet they will get more. Who pays for that? Everyone.
But then you cant expect millions of people to be on the streets. You can’t expect foreclosures on every street right? You have to do something. Also, why should the people who are paying on their mortgage also pay in taxes for the people who did not.
People are already having enough problems paying their mortgage and now they are saddled with even greater issues of paying on someone else’s. How fair is that?
If we are in the position where we need to modify our loan, then have little choice. It’s not an option really. Being on the streets or moving into someone else’s place just so we can pay rent there makes no sense. We can’t just allow America to self destruct right?
This is not one decision, it is several decisions and they will require the wisest mind and the strongest of wills. I think Obama has that going for him. But I am not too sure it’s all about him. We need as Americans to change. Not just in the way we do things like purchase homes, but also change in our selfish ways.
You see, in my head, if we can just get past the “who is to blame” and the “too bad for the people in trouble” and start changing our mind to realize that in the end, we all have to have self respect and respect of others no matter what their situation. If we have to give, do it. One day, maybe soon, you might be on the receiving end of this mortgage situation and will just be hoping that others in a little better place financially does not have the same attitude as you.
Seeking help is NOT a sign of weakness. It is a sign of wisdom.
January 19th, 2009 at 5:42 pm
Homeowners should ask themselves if an attorney is actually working on their case and since its illegal for any attorney to guarantee the outcome of any case, how is it that everyone throws the word guarantee around? (Most likely NOT being said by attorneys, rather those who haven’t a clue of what they’re doing.) More likely they’re NOT involved with an attorney and they use that word to falsely assure the homeowner that their hard earned money will be returned. TIP: Attorneys do not have “money back guarantees.”
Why not deal with experienced professionals from the very start? An expert will know if the consumer even has a shot at success. Experienced mortgage bankers with underwriting backgrounds are the only way upfront, that you can ever know if your loan will be approved…the same if true for loan modification. Don’t just believe that some intake interviewer will know this. All that persons job is is to gather data, your check and turn your file in to someone who is supposed to be able to determine your chances…the person you initially speak with should be highly qualified to do this and not raise your hope or delay your answer.