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Complaining about the government

post #1 of 7
Thread Starter 
I've seen a lot of posts and articles suggesting that the goverment is incapable of running a public health insurance option and really, everyone is entitled to their opinion.

The Boston Globe letters to the Editor section from this past Sunday was full of comments on an article published at the end of August by a Globe employee. The gist of it is that she purchased a condo in Boston, got into trouble with her mortgage, and was unhappy with the assistance offered by the bailout program. She draws the conclusion that since the government wasn't able to help her with her personal mortgage crisis, she hates "to think what will happen with healthcare."

I have a strong opinion on this one but I don't want to prejudice anyone. What do you think? Do the actions and conclusions of this author seem reasonable to you?
My personal mortgage crisis
Thanks, Uncle Sam, for the empty promise of help.
post #2 of 7
I cannot believe anyone would buy a home with NO MONEY DOWN.
It is insane. I don't have much sympathy for this person. She got herself in this mess, with the help of the corrupt Countrywide and now she has to deal with it.
Everyone knows that government red tape is a long and arduous process, if she wants help she will have to suck it up. People kill me.
post #3 of 7
Well considering that the White House so far has messed up a lot of "helpful" things they thought would work out.........WHY should we expect or even think they can handle health care????

Bottom line - they can't and we are in trouble if they take that over.
post #4 of 7
Thread Starter 
Originally Posted by GoldenKitty45 View Post
Well considering that the White House so far has messed up a lot of "helpful" things they thought would work out.........WHY should we expect or even think they can handle health care????

Bottom line - they can't and we are in trouble if they take that over.
So you think it's ok that someone who buys a condo with no money down, pays nothing on the principal but only pays interest for seven years and who by her own admission "frankly didn’t care" what her payments would become when the seven years were up, blames the government because BoA and Fannie Mae wouldn't bail her out?
post #5 of 7
That part is wrong. I'm just saying that the government thinks you should be bailing out EVERYONE that gets in trouble. Which makes a person dependent on the government to run their lives in all areas.

People should take responsibility for their actions (good or bad) - she's blaming the government for her bad choice.
post #6 of 7
I had heard that help was available for homeowners like me, who weren’t behind on mortgage payments or in danger of foreclosure but who were mired in bad loans with payments scheduled to adjust upward.
The seven years of interest only payments on her loan aren't scheduled to end until July 2012. What exactly is the dire situation she is in that she thinks taxpayers should bail her out of???

It's no wonder she is getting the "run around" with regards to the program. The program isn't meant for someone like her.
post #7 of 7
This about sums it up from your link:

I was foolish to sign up for the sketchy loan in the first place. Now I was trying to make the best of a bad situation.
Never get a home loan with no money down. If you can't afford the worst of consequences, then don't do it. And don't expect Uncle Sam to bail you out if you did do it.

My former boss, who never learned a positive thing about personal finance, which is why he is my "former" since he would never listen to me about finance, and he lost his company.........another story..........anyway.........

He and his wife had a credit score of 455 which is about as low as you can go. They started a business during the boom days of housing construction, and they made some good money, but everytime the business was about to get out of debt, he would spend more and put it in the red again. At one time he was grossing 1.1 million, but he still couldn't pay his bills.

So he and wife want to buy a house. They had lots of debt from old charge accts. that they never paid, that he blamed on a prior marriage. But they got some loan officer to loan them the full price on a house - $450K @ 11% interest only. I believe it was split into two loans so it wouldn't fall into the jumbo rate. But that isn't good enough so he borrows another $30K from his business to put in a swimming pool. The business didn't have $30K so it went on his $100K line of credit, which he only got from the bank because I had been paying the bills on time and had made sure there were no late payments. By the way, during this time they had insisted on a salary for the two of them of $24K per month before deductions. I had also got them out of an IRS mess from past years.

So, new construction dries up, business is down. They are still pulling down $24K from a business that isn't making that much because they now have personal bills to cover and a house payment of over $4K per month! Obviously I leave because they don't have money to keep me. But last I knew they were getting a divorce. They had been evicted from their office for non payment of rent. Their new vehicles had been repossessed. They lost the house to foreclosure. (It recently resold for $260K per Zillow). Per court records for lawsuits, they have a $115K judgment to the bank for their $100K credit line that they maxed and includes interest and atty fees. They owe another $10K+ to a portrait studio (those must be some pictures!). They owe a credit bureau about $3300.

Do I feel sorry for them? Heck no!!! Nor do I feel sorry for anyone who got a no money down loan and saw their home value drop while their payments increased. Frankly it ticks me off that Obama stepped in to get banks to restructure the loans that they still can't afford. Let all these homes hit the market in foreclosures, and then we would know the true value of these houses.

The people I feel sorry for are those that bought homes at the high point in the market, and put money down and could afford to make the payments on their loans, but now own a home worth less than what they paid for it. My son is in that situation. They were hoping an increase in value would help them do some remodeling. But nope, they want to start a family, and they aren't getting any loan assistance, and they are making their payments on time, with no help from anyone.
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