President Obama, don’t sit quietly by and allow the robbery and exploitation of American home owners, especially when private financial institutions are being given such big brakes. Show Americans who supported you all the way to the White House, that you really do care!!!
CAREIF.com IS ALERTING President Barack Obama, that the loan modification program now being offered to home owners, under his watch is more exploitive than what the credit card companies and private lenders are doing or offering to their customers. Home owners need to be protected from this kind of exploitation Mr. President! Can you imagine, the Federal government which should be the chief protectors for American consumers and homeowners, in the worst economic crisis in the history of modern America, is instead the leader and chief advocate; setting the model for the crushing of all hopes of homeownership, thus removing the roof from over the heads of millions of Americans.
What makes it especially difficult to digest is this Federally backed modification program, now being offered, is demanding that homeowners accept a debt burden significantly larger that the appraised value of their home. A debt the home may never be able to cover if sold in the near or distant future; but which none the less still leaves the homeowner owning the debt. Home owners were promised some modification in the balance of their mortgage. Modification consistent with and to meet the true market value of the home after many were prepared to walk away from a home they could never finish paying for or re-sell at the end of the mortgage payment period. These home may never again reach values used by lending institutions to secure loans. And even though Freddie-Mac, awe-to fully know, that financial institutions , appraisers and brokers used artificial values to give these loans, therefore actually and in reality defrauding homeowners; Freddie Mac, is only giving home owners 5 day or less to accept a program which offer them no real relief, or else!
- Homeowners had no say in what the true value of their homes would be, as appraisals were done under bank control and supervision by the Banks’ own preferred appraiser. They; homeowners, were literally forced to buy at whatever value was assigned by the banks. And now that it is clear that homes are and were in reality and fact, significantly less in valuable, mortgage modification programs , again being offered by Government backed institutions such as Freddie-Mac, a Federally run,[ government run] lending institutions is chief amongst those telling homeowners fighting to keep their homes that they must pay above the true value of the home to be able to hold on to those very homes the government does not want to see abandoned. If homeowners are forced to walk away for their homes the implication would be significantly negative for the recovery of the economy. With more inventory coming on the market as a result, the housing sector is bound to see further decline. One would think the Federal government would know this. The Federal government should also know that, in many, if not most cases, it’s actually less costly for these home owners to walk away and rent a house, with no obligation for taxes or for up-keep, for significantly less than what this Freddie-Mac program is offering. So what’s the incentive for homeowners to stay in their homes and save the economy Mr. President? Absolutely none!!!
CAREIF’s recommendation to homeowners who find themselves in this dilemma, is to first appeal the decision of Freddie Mac, and when they refuse to reduce that principal amount, simply walk away. It cost you less to rent and your credit will be rebuilt. Regardless of what they are saying in trying to intimidate you as to you having bad credit, financial institutions need you much more that you need them. Money will eventually become available for even those homeowners who now face foreclosure or will face later. Until then, strict fiscal policy in handling your income will make you a wealthier person. SO don’t worry about the intimidation by Freddie Mac in giving you only five days to sign a document; the terms of which, you don’t agree. Draw a line through the section that says regardless of the value of your home when you sell or pay off the part of the principal Freddie Mac is allowing you to pay, you must pay the difference even when the home is still not worth the money being asked for by Freddie -Mac.
As a matter of fact, the current offer on the table is merely asking you to pay rent, take care of the taxes, maintenance and insurance on the property, but you will never own your home. Freddie-Mac has come up with the perfect strategy to be a landlord, have you pay interest on your rent, giving the landlord absolutely no involvement with the property other than profit. At the end of meeting adjustable; instead of fixed rate payments, one of the problematic issues which caused the current crisis in the first place, you must find hundreds of thousands of dollars to pay Freddie-Mac before you can stay in what you are being lead to believe is a home you own. You will never own that home under the current program being offered by Freddie-Mac.
YOU THE HOMEOWNER CAN DO MUCH BETTER. In the same neighborhood that you now live, chances are you can find homes available for sale, lease or rent, comparable to yours for far less than its costing you to live in your own. And remember when you do rent or lease, you will not have the taxes and other property owners expenses to deal with. You are in fact saving. Putting back money into your pockets. If Freddie-Mac or any other financial institution; more so government backed lender, tries to sell you this kind of arrangement, don’t take it. You are better off walking away. And remember while these same institutions are not willing to reduce the principal amount owed for the homeowner, they will as well as have turn around in many and on going actions; sold the note or the home to investors for pennies on the dollar. In short where the bank or; Freddie-Mac in this case, is not willing to make a modification of the note; the Principal in favor of the homeowner, they will and are currently doing the same thing, under short sale programs and discount sale on notes to investors. The absolutely difficult thing to understand here is if Freddie-Mac IS ALREADY DISCOUNTING NOTES AND PROPERTIES TO INVESTORS, for pennies on the dollar, why not offer the same discount to the persons who currently live in the homes; the homeowner?
The biggest irony is that while the Federal Government was, has been and still willing to write off significant debts owed by Financial institutions; amounting to billions of dollars, the government again is not willing to accommodate the very tax payers whose dollars were used to both bail out there institutions as well as subsidize the debt forgiveness granted to the very Banks which in concert with others caused the problems in the first place. The Federal government in its quest to seek justice for the American homeowners needs to go after these banks and lenders that gave the loans then quickly sold them off in their various tricky securities scheme. Homeowners did not get money in their hands from these transactions. So whose defrauding whom. In short the lenders, sold home owners a bad deal and then got quickly out of town leaving the homeowners to hold the proverbial bag!
Mr. President you cannot stand by and allow homeowners who are also tax payers, living in this country to be the scapegoats, allow them to be constantly thrown under the proverbial BUS. You bailed out Wall Street, using tax dollars collected from these very homeowners. Its only the right, decent and honorable thing to do to protect the American citizen. To ask homeowners to pay much more that their homes are worth, long after many may be dead or have retired or have them find money elsewhere to pay to the Federal government for non-existing equity in a home, is shameful robbery and exploitation of this country; the United States, and more shocking, it’s citizens by the Federal government. The Federal government recently gave billions in debt relief through debt forgiveness to some financial institutions to the tune of Billions of dollars. If that can be done for financial institutions, why can’t it be done for ordinary American homeowners?
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Birmingham Fire & Rescue Battalion 1 responding to a Dolomite kitchen fire. The home owner extinguished the fire with a garden hose.
Help answer the question about home owner
What is a token home owner's association fee mean?I asked a realtor about a home owner's association fee and he said there might be a token fee. What does this mean?
I asked a realtor if the lot in a subdivision I looked at had a home owner's association fee and he said no it has a token fee. What is this? Is this a monthly fee or a one time payment.
On the section of the bankruptcy petition called "Statement of Financal Affairs" you must list off:
#10. All property sold or transfered within the past 2 years.
#7. All gifts made to individuals > $200 within the past 1 year.
Or as Ricky use to say "Lucy! You've got some esplainin' to do
Go meet with an attorney and find out the practical application of your state's Homeowner's exemption rules.
You'll find that either:
1. The equity your so worried about is exempt (you get to keep).
2. Unexempt, but hardly enough to attempt to liquidate (after realtors, closing costs, etc).
3. You're limited to Ch13 repayment to protect your asset.
I too own 100% and if it helps the age bracket is..well…over the age of 60 if that helps you any.
Added
I totally agree with George G's assessment. People now want 40 year mortgages, nothing down, and even interest only for a few years.
My home has been paid off for many years, I took on a 15 year mortgage with high interest rates and paid it off in 9 years. How? Because I could COMFORTABLY afford the house.
Thanks.
Absolutely. The foundation will have to be designed for the neccessary loads ( this may mean deeper, wider footings, additional reinforcement, larger beams and/or larger floor trusses) but the crawlspace foundation can be used for multi-story projects no problem. Its important to remember that with any foundation, the weight of the structure should bear directly on or be transferred to the footings-whether crawlspace or slab.
What about suing the inspection company for not catching it?
I don't think you will have a case with this one…no facts, just assumption. Can whomever that found the leak inside the wall prove the a/c was filled to pass the inspection?
First, I am going to have to research this about Colorado…to answer your question from my views, no, it is wrong to tell anyone what they can or can't do in their own homes! I bought a half of duplex and we do have homes assoc. but I will never be told what to do in my own house…I am also a taxpayer! The witch hunt on this Smoking Ban has gotten out of hand! Citizens are going to have to stand up and be counted…whether you smoke or not, it is not the real issue..it is the gov't and their under-classmen who have decided to start and approve some of these absolutely wrong laws. What's next? How many kids you are allowed to have? How much you can drive your car? We are allowing all the commercials on TV which endorse all the "call your doctor for a RX" and all of the medical ones that are trying to get people hooked on prescription drugs! I hope everyone wakes up and sees what it is doing to our country. We have gotten away from the greatness that this country was built on…Back to the question…I don't see how they can ban owners from smoking in their own condo…I quess they would be buying mine back for a hefty price…I can't believe that this was ruled admissable in the court system. Isn't Colorado, the same state that is banning smoking but also trying to legalize pot? Go figure…wierd…I'll be anxious to hear all the answers. Great question!
Lets say your house sells for 300K(and has a 220K mortgage). Lets say your buyer has 30K for a downpayment.
They get a loan for 240K and get the second loan from you for 30K. The 270K from the buyer is first applied to your mortgage and you would get 50K in cash at closing.
You should have a lawyer draw up and help you with recording the mortgage. The lender for the buyer needs to know the details of your arrangement.
First and foremost: GET RENTAL INSURANCE!!! I can't suggest this enough. So many things will be covered by it and it is super affordable. Don't hesitate or wait to do this….
I also think it is important to consider the average monthly utility bills…sometimes due to how old or well constructed and maintained the cost to keep the house cool and warm, and generally running can be greatly impacted. Unless money is of no concern, I'd see if you can find this out to make sure you won't extend your budget.
Also..have you determined who is in charge of maintaining the yard/snow removal? If it is you, are they supplying the tools? Do they care if you paint? If so, who pays? Do they prefer you contact them for emergency repairs, or you have discretion to contact a professional and be reimbursed?
These are all things that ended up being issues for me when I was a renter. I am most thankful I got rental insurance above all else though.
Can this type of foundation suppory more than two storey, , ,ground floor,1st floor + another floor , ,ie , ,2nd floor?
State Farm. It was the most expensive when I quoted it out, but gave us the broadest coverage.
That means NOTHING. Because not all companies are competitive in all states, and MOST companies don't write in all states.
What about a foundation drain? What is the approved drainage system? That is THE MOST IMPORTANT part of the crawlspace!
sooo, kind to share, thank you! ill be watching
No, what your lender is saying that you need a home
owners policy or binder on the home that you are going to buy. You obviously have already signed a contract, and doing the process of setting up the closing, you have to furnish them at least a binder, that will tell them that you have coverage once the loan is closed and the house is yours. They will collect the amount for one year, plus about two months to establish your escrow account to ensure that when the insurance policy comes up for renewal that there will be enough funds to cover the renewal cost, which generally will go up a little bit. This is why they charge a full year plus a couple of months. Just give your agent the description of the house or a copy of the appraisal and they can do the rest for you. Your broker/lender will then accept a faxed copy, and the original policy can be furnished at the closing. Your mortgage originator or loan officer should have explained all this to you. If you aren't going to have an escrow, then you will just furnish a paid in full for one year home owners policy at the closing, but again the lender/broker will need at least a binder of proof and the cost prior to sending out the closing package to the attorney for final closing of the transaction.
this is so helpful! my husband and i are in the process of buying a house and i didnt know wat was the difference between a slab and crawlspace!! thank you soo much!!