Can Obama help me with my car losing value?

[Zywiec]

I bought a car several years ago and it's worth THOUSANDS less than it was when I bought it and what I owe.

I'm hoping he can help me with that while reducing my home loan.

:shrug:

[Tangerine LaBamba]

1. Maybe Obama can't,

but I'm sure the Soviet Union will be able to give you a hand.

:rofl:

[MNDemNY]

2. Well, maybe...

If it is a GM, it may become a rarity much sooner than you think.

[david13]

3. No. N/t

[Double T]

4. Great idea!! I'm certain BO will also help you with your summer home and yacht too!

Uncle Sam will soon be EVERYONE's favorite uncle.

[Zywiec]

5. Awesome! I don't have a summer home or yacht yet

but with my mortgage payment and car payment coming down, I may have some extra money to get one.

:hi:

[Double T]

7. Don't forget, this is America where the government will make certain.....,.,.

YOU and You and you can have it ALL, regardless of how much YOU, You and you make!! What a country!!

[TheCowsCameHome]

9. Don't forget my Gulfstream - I'm almost upside-down

I'd be best to hang on to it.

[ThomWV]

6. It may interest you to learn that used car prices are down about 15%

That is a 3 year old car today is worth less than a 3 year old similar car was a year ago.

[Oregone]

8. Its a tough thing know people bought toys with HELOCs, and now can qualify for help

[JFN1]

10. Sorry, but I don't think this is funny.

I bought my house two years ago for $130,000. The house across the street, identical to mine in almost every way, just sold (and not in foreclosure) for $112,000. If I wanted to, or needed to sell my house today, I couldn't expect to receive more than - maybe - $115,000 to 120,000. And that is after I've put about $17,000 in gutters, plumbing and electrical repairs, roof, and other odds and ends. None of this money was spent upgrading the property, merely maintaining it.

Houses are expected to appreciate - not depreciate, like cars are expected to do. Unless you are buying a collector's item, cars are not expected to appreciate. A car's value drops with every mile it is driven.

But houses are supposed to be INVESTMENTS. So after I've sunk $17k into my house, made $24,000 in payments over two years, I should lose money on this because a bunch of greedy Wall Street assholes decided to game our financial system and screw us all?

Mind you, I'm not going anywhere for a long time, and chances are the value of my house (as affected by the crisis) will rebound from the crisis by the time I am ready to move into another house. So today, I don't need a bailout.

But there are lots of hardworking people who have lost their jobs, through no fault of their own, who suddenly find they owe shitloads more cash on their house than it is worth. They lost the income they depended on to make the payments, they cannot sell without cash money to make up the difference in what the house is now worth, thanks to the crisis. They should be penalized for trying to do the right thing and get out from under the payments they can no longer afford through no fault of their own?

That, is pretty damn cold...

[SoCalDem]

11. Housing has gone through this many times.. Just not as dramatically as now..

We have sold houses in a buyers' market TWICE..and LOST money on both of them, but we just saved up again, and rented until we had another downpayment..

MANY people in houses now, are young enough to not know that:(..

Our Denver house (bought in 1978) for $62,400..it was a DUMP... and our mortgage rate was 15.6%.. we borrowed everything we could from our insurance policies (no HELOCs back then), just to fix it up, and within EIGHT FRIGGING months,my husband's company moved us to New Mexico... we ended up selling it (in a big hurry) for $58,900, AND we had to pay a realtor's commission, and the new buyers INSISTED on us leaving our stove.. we were that desperate to move, so we did it.. (I LOVED that stove...two ovens,,Kenmore..only a few months old)..

We worked on that house night and day, re-did the kitchen, finished off 2 bedrooms & a lundry room in the basemnent, painted inside and out, and replaced all the carpeting...on OUR dime..

After we moved, we found out that even though the company moved us, they would only re-imburse "expenses" for ONE move within any calendar year, so we had to EAT the Denver loss, because 8 months earlier they paid expenses for our move from Kansas TO Colorado.. They knew they had us over a barrel, because our son had serious medical issues, and the medical insurance we had through the job, were holding my husband hostage to whatever they wanted to do with us..

HOUSING DOES NOT ALWAYS GO UP!!..and many times you lose money on the sale..

[Fire1]

12. FINALLY! SOMEBODY GETS IT!!