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Answers (6)
Best Answer
- Mack McCoy
- Contributions:1115
I am a person that would rather see the government help some of its citizens than none. I'm not certain how it helped the people of Los Angeles to bring electricity to the Tennessee Valley, but I am certain how it helped the nation.
- Dan, "the_country_hick"
- Contributions:4694
Rudi, how is it fair to allow those with a mortgage not to pay for a year yet not allow renters not to pay rent for a year when both are unemployed?
Why should a mortgage payment get deferred but not a rental payment?
Why should a mortgage payment get deferred but not a rental payment?
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Dan- Thank you for responding. Nice story. Many fellow Americans may have similar stories if they are aware of their "Family's Lineage."
In my case: My grandfather ("Opa") came to the U.S.A. two years after WW1. He was in the German Military for only two weeks when Germany surrendered. His position was Postmaster on a mail train.
Three years later he sent for his son to help with a small Deli and Donut Shop he recently established.
Three years later he sent for the remaining direct relatives. My mother and his wife. Most folks can do almost anything legal if they are first willing to sacrifice.
Dan most of us are aware of your position of today's real estate market. Especially, when it comes to purchasing real property. You have expressed your (same) opinions over-an-over on Zillow Threads.
In regard to our Government being involved, I agree with you that we should not put folks in harm's way. I have demonstrated my personal opinion on this matter in a recent post on my Trulia Blog - "Where is the Money?"
I guess we agree on this one, Don't we?
Happy funding- Rudi
In my case: My grandfather ("Opa") came to the U.S.A. two years after WW1. He was in the German Military for only two weeks when Germany surrendered. His position was Postmaster on a mail train.
Three years later he sent for his son to help with a small Deli and Donut Shop he recently established.
Three years later he sent for the remaining direct relatives. My mother and his wife. Most folks can do almost anything legal if they are first willing to sacrifice.
Dan most of us are aware of your position of today's real estate market. Especially, when it comes to purchasing real property. You have expressed your (same) opinions over-an-over on Zillow Threads.
In regard to our Government being involved, I agree with you that we should not put folks in harm's way. I have demonstrated my personal opinion on this matter in a recent post on my Trulia Blog - "Where is the Money?"
I guess we agree on this one, Don't we?
Happy funding- Rudi
- Dan, "the_country_hick"
- Contributions:4694
Rudi, "Many of the folks which will benefit may be in an area of our country that has few employment opportunities or an area were a tremendous amount of folks are seeking employment."
One of my ancestors bought a house in 1928. When the real depression began they had a problem finding work. They did get a job 4 states away. They kept the house. They made the required payments. Even though it was not the most desirable thing they got a cheap rental while leaving the wife and children at home 4 states away.
In the great depression many other people lost their houses. My ancestor kept their house by working hard and doing what they had to to keep it. Just because jobs are scarce in your area does not mean jobs are impossible to find or options do not exist.
If I was desperate for a job today I would be seriously looking at North Dakota (way to cold) or Texas (way to hot) as they have jobs available. Getting a job far from home and sending money back home to maintain your family and house is a time honored method for survival.
One of my ancestors bought a house in 1928. When the real depression began they had a problem finding work. They did get a job 4 states away. They kept the house. They made the required payments. Even though it was not the most desirable thing they got a cheap rental while leaving the wife and children at home 4 states away.
In the great depression many other people lost their houses. My ancestor kept their house by working hard and doing what they had to to keep it. Just because jobs are scarce in your area does not mean jobs are impossible to find or options do not exist.
If I was desperate for a job today I would be seriously looking at North Dakota (way to cold) or Texas (way to hot) as they have jobs available. Getting a job far from home and sending money back home to maintain your family and house is a time honored method for survival.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Dan- Reading your comments it appears you think it's better that unemployed home owners are being well served by being kicked out of their homes due to foreclosure.
You see no merit in this up to one year "relief" of mortgage payments to help them become reestablished. Is that correct? Because it is unfair due to so many others which did not have this opportunity. Did I understand that correctly?
Many of the folks which will benefit may be in an area of our country that has few employment opportunities or an area were a tremendous amount of folks are seeking employment.
The odds against them receiving employment in their field in a relatively short period of time may cause them to loose their home. Is that just too bad for them and the neighborhood with another foreclosure on their block?
Dan life is not fair. A current example regarding me, is the current ZBC behavior applied against me. This is a "Zillow Time-Warp" to the days when I first starting contributing on Zillow threads.
There is also a sharp decline in the thumbs up I have received on recent contributions regardless of the merits of the contribution. I know why because I explain the merits of Portfolio Lending".
Very few of the proud ZBC members have the arsenal of hand tailored products that I mention. Should folks had not wished to have them I would long be gone, as so many other MLOs which have vanished from Zillow's Boards in the past four years.
That would certainly put a grind on these faces of the ZBC, wouldn't it? The only aspect of fairness if that should occur is I realized my efforts are better served elsewhere.they no longer have to read my comments
Happy funding- Rudi
You see no merit in this up to one year "relief" of mortgage payments to help them become reestablished. Is that correct? Because it is unfair due to so many others which did not have this opportunity. Did I understand that correctly?
Many of the folks which will benefit may be in an area of our country that has few employment opportunities or an area were a tremendous amount of folks are seeking employment.
The odds against them receiving employment in their field in a relatively short period of time may cause them to loose their home. Is that just too bad for them and the neighborhood with another foreclosure on their block?
Dan life is not fair. A current example regarding me, is the current ZBC behavior applied against me. This is a "Zillow Time-Warp" to the days when I first starting contributing on Zillow threads.
There is also a sharp decline in the thumbs up I have received on recent contributions regardless of the merits of the contribution. I know why because I explain the merits of Portfolio Lending".
Very few of the proud ZBC members have the arsenal of hand tailored products that I mention. Should folks had not wished to have them I would long be gone, as so many other MLOs which have vanished from Zillow's Boards in the past four years.
That would certainly put a grind on these faces of the ZBC, wouldn't it? The only aspect of fairness if that should occur is I realized my efforts are better served elsewhere.they no longer have to read my comments
Happy funding- Rudi
- Dan, "the_country_hick"
- Contributions:4694
From the article ""We believe this will put more families back on track to successful long-term homeownership," Mooney adds."
That is not true. Families are not more secure based on having loans deferred and more interest added on top. I know someone who has student loans that went into forbearance. The amount owed climbed quickly. The truth is now because of the forbearance they are in worse economic shape than they would have been before.
Adding more years of debt with more principle owed only makes it harder long term.
"The edict gives servicers the ability to forebear a mortgage for six months without prior approval from Freddie."
Does that require payment from freddie (really our bankrupt government) to pay the loan holders? If so that potentially just places a larger debt burden on the government which means all of us. After all, given an extra year of missed payments the amount owed only gets larger.
I have one other problem with this. If this is done now how is it fair to everyone? Think of those who were unemployed and lost a house in 1930, 1962, 1975, 1993, 2008, or just last month to have a special group treated differently than they were?
Do not misunderstand me. I am all for banks being reasonable and trying to be helpful in a bad situation. It should be a choice each institution makes based on what they want and need to do. I am simply against government force being applied to make people lose their money like this can do.
Once a contract is made it should continue until such time as that contract expires. If something happens that requires a breach of that contract or a modification the decision of what to do should only be between the 2 parties who signed the contract and no one else.
As this will not allow house prices to reset as it should it is really keeping people from buying a house they want and have saved to buy. There is more than one side to a coin.
That is not true. Families are not more secure based on having loans deferred and more interest added on top. I know someone who has student loans that went into forbearance. The amount owed climbed quickly. The truth is now because of the forbearance they are in worse economic shape than they would have been before.
Adding more years of debt with more principle owed only makes it harder long term.
"The edict gives servicers the ability to forebear a mortgage for six months without prior approval from Freddie."
Does that require payment from freddie (really our bankrupt government) to pay the loan holders? If so that potentially just places a larger debt burden on the government which means all of us. After all, given an extra year of missed payments the amount owed only gets larger.
I have one other problem with this. If this is done now how is it fair to everyone? Think of those who were unemployed and lost a house in 1930, 1962, 1975, 1993, 2008, or just last month to have a special group treated differently than they were?
Do not misunderstand me. I am all for banks being reasonable and trying to be helpful in a bad situation. It should be a choice each institution makes based on what they want and need to do. I am simply against government force being applied to make people lose their money like this can do.
Once a contract is made it should continue until such time as that contract expires. If something happens that requires a breach of that contract or a modification the decision of what to do should only be between the 2 parties who signed the contract and no one else.
As this will not allow house prices to reset as it should it is really keeping people from buying a house they want and have saved to buy. There is more than one side to a coin.
Freddie Mac Extends Mortgage Forbearance for Unemployed for up to ONE YEAR
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- 0.0/5.0
Contributions:7435What a great present for 2012 for those struggling with unemployment issues. This is terrific news don't you think?
Happy funding- Rudi
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