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2 Responses to “Is there a negative side affect from the affordable home mortgage modification program by Obama and how does?”
HUGE negative side effect. Poor people will become poorer and the rich will become richer….. sadly, that is the opposite of what these liberal programs say they will do.
It used to be that lenders would only lend to people who had three things – decent credit, some money saved up and not to much debt already. In the late 90’s, groups like Acorn convinced the government to interfere with what the lenders were doing and get them to drop one or two of those requirements. The lenders did it to make more money, while having their losses (they KNEW there would be losses) covered by the government.
This is why we’re in the housing mess we’re in now. Fast forward to 2008 and 2009, and the government steps in to stir the pot even more. Sad, but in about five years, so many of the people who have gotten into houses without any money saved up will be foreclosed upon and be renters again – but now with no money saved, AND bad credit too.
Acorn wanted the rich landlords to no longer have all the houses. In five years, the rich landlords will be buying houses for pennies on the dollar – and renting them to people who should not have been buying yet.
Bush was stupid for allowing this to start on his watch. The mistakes he made on the economy have to do with allowing things to get too liberal.
Our country was SUPER stupid to think that the “fix” for our economy was to go from a little liberal to off the charts socialist.
We’re in for a long, hard ride. People are buying houses with no savings and living paycheck to paycheck. Meanwhile, our current administration is promoting an agenda that causes business owners to NOT invest money in growth – that means when people get laid off, there are no new jobs for them.
No, the negative effect comes if you do nothing when you have a loan that you can lo longer afford. If you do nothing then you won’t be able to solve your problem.
The only other negative is that so many people start working with scammers instead of using the real government relief program. Scammers have a way to take your home out from under you. Be very careful about who you work with.
The program is in place to help people who qualify to get into more affordable loans so that you don’t lose your home down the road. I’ve attached an article that discusses how to figure out whether you qualify. If you have an adjustable rate mortgage that is going to adjust to a point where you can no longer afford it or a huge balloon payment that is going to be due, the program will work with you to obtain more reasonable financing so that you don’t lose your home.
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HUGE negative side effect. Poor people will become poorer and the rich will become richer….. sadly, that is the opposite of what these liberal programs say they will do.
It used to be that lenders would only lend to people who had three things – decent credit, some money saved up and not to much debt already. In the late 90’s, groups like Acorn convinced the government to interfere with what the lenders were doing and get them to drop one or two of those requirements. The lenders did it to make more money, while having their losses (they KNEW there would be losses) covered by the government.
This is why we’re in the housing mess we’re in now. Fast forward to 2008 and 2009, and the government steps in to stir the pot even more. Sad, but in about five years, so many of the people who have gotten into houses without any money saved up will be foreclosed upon and be renters again – but now with no money saved, AND bad credit too.
Acorn wanted the rich landlords to no longer have all the houses. In five years, the rich landlords will be buying houses for pennies on the dollar – and renting them to people who should not have been buying yet.
Bush was stupid for allowing this to start on his watch. The mistakes he made on the economy have to do with allowing things to get too liberal.
Our country was SUPER stupid to think that the “fix” for our economy was to go from a little liberal to off the charts socialist.
We’re in for a long, hard ride. People are buying houses with no savings and living paycheck to paycheck. Meanwhile, our current administration is promoting an agenda that causes business owners to NOT invest money in growth – that means when people get laid off, there are no new jobs for them.
No, the negative effect comes if you do nothing when you have a loan that you can lo longer afford. If you do nothing then you won’t be able to solve your problem.
The only other negative is that so many people start working with scammers instead of using the real government relief program. Scammers have a way to take your home out from under you. Be very careful about who you work with.
The program is in place to help people who qualify to get into more affordable loans so that you don’t lose your home down the road. I’ve attached an article that discusses how to figure out whether you qualify. If you have an adjustable rate mortgage that is going to adjust to a point where you can no longer afford it or a huge balloon payment that is going to be due, the program will work with you to obtain more reasonable financing so that you don’t lose your home.