Do those of us that busted our ass paying our mortgages on time get zilch?

[RiverStone]

Disclaimer upfront: In no way do I begrudge those in need getting help, this is not about saving a family on the brink of foreclosure or giving new terms to someone paying an "underwater" mortgage. I'm glad we can reach out as a country and offer a helping hand. This is about all of us in the middle that are getting skipped over.

With all the billions that went to Wall Street banks, bankers, CEO's and bonuses, and with all the billions that went to the auto industry executives and corporate bigwigs --- what about us regular working folk?

Like many of you, I'm just trying to pay the bills and live within my means. As a divorced dad to 2 teenagers, I get by and it seems about 1/2 the time I have a little left over every month and the other half we just squeak by. After my divorce, now over 10 years ago, I had to take out a 2nd mortgage on my house. No complaints there, part of the natural consequences that happens when one goes back to a single income household.

I work in public education and make a modest salary, but nothing extravagant etc.

My property taxes have almost doubled over the past 4 years and yet I have faithfully done what ever it takes to make ends meet. Never missed a house payment.

QUESTION: Do folks in the middle (neither on the verge of foreclosure or banker fatcat) get a piece of the stimulus? How about a little mortgage interest reduction? I'd love some financial relief to make things a tad easier. Anything???

Just seeking a parity in the universe for those of us in the middle. Do you see any? :shrug:

[geckosfeet]

1. Waiting for rates to drop a bit more to refinance. That's about all I can see.

[flvegan]

2. No, you get a free version of the "Bailout" home game, and

a life's supply of Rice-a-Roni, the San Francisco treat!

[OhioChick]

4. No "jelly of the month club?" n/t

[flvegan]

24. No, and no Turtle Wax either. Because none of us can easily afford a car anymore.

[liberal N proud]

3. What we get is a chance of a stable market again in the future

I would rather be in this situation not getting anything than having all the stress that those who might get something have been going through over the last several years.

The purpose of saving the failing mortgages is to shore up the system, stop the bleeding and allow the market to return to some normalcy, what ever that is.

The alternative is the system slides further, your home value deflates further and at some point total chaos.

[theoldman]

12. I agree. The point is not to let the losers pull us down.

If your neighbors house drops in value, yours goes down the same.

[xiamiam]

74. agreed..if the bleeding is stopped .the middle who have paid their mortgages MAY be able to continue

paying...if it is not stopped..everybody is going down...including those who have done everything right...like the op

[RiverStone]

13. Why am I cynical that billions already have not gone to shoring up the system...

...but without oversight, to line the pockets of the well connected and wealthy with Swiss bank accounts.

I can't wrap my mind around the billions and billions of dollars that have already been dispensed --- and many of us won't even see a dime of it?

Yes, in a practical sense I'm glad we can avoid chaos, but somewhere in the mix is the fundamental principal of fairness. To oversimplify, if I had just said --- fuck it --- and did not pay my house payment for the past 4-6 months, would I be in a better position to get an interest rate reduction and save hundreds of dollars more per month in lower payments and/or interest reductions?

[democracy1st]

65. you can look at it that way but the reality is thousands of jobs are being lost daily,

just as I can say I don't need a tax cut as long as I have my job,leave me alone and fix the debt

[Mr. Hyde]

25. The market wasn't stable to begin with. that's why we are where we are with housing.

unless you consider a bubble stable which seems pretty stupid after seeing what it lead to. With that in mind, shoring up the market sounds like another way of saying "repropping up home prices to bubble levels" which means, in all actuality, we probably shouldn't be trying to shore up those prices.

[truedelphi]

85. People will not realize the truth in what you are saying

Until bread is like $ 14 a loaf.

That being said, the stim bill and the homeowners' relief bill are at least designated to in some way help the economy.

The Wall St bailOut simply helped the 700 Billion evaporate. (Wait - Kucinich's staff did find a total of 457 American homeowners who were helped. Of course, that didn't lessen either Kucinich or Issa's contempt for the Bailout Billions of TARP funds to Paulson and Kashkari)

[Still Sensible]

5. If you have a second mortgage

you took out somewhat recently and home values have declined in your area as in most, I would think you have a very good chance of being upside down or very close to it. So you might be able to take advantage of the plan to refi your two notes into one with a lower overall monthly payment.

[Bluebear]

6. I don't know if you realize how many of us "in the middle" are in trouble

[xiamiam]

77. people think it couldnt happen to them...until it does..and it will if there is no help

I call it the "great humbling"...when folks realize that there are no generalizations to be made..its not the immigrants, or the subprimes, or the speculators, or the dead beats..its just not...this is happening and will continue to touch every sector of our society including those who THINK they are secure...

[Iggo]

7. Yes.

[Liberal_in_LA]

8. apply to have your property valuation reduced

[OhioChick]

10. I already did that several months ago...

They are so back logged that they said not to expect to hear from anyone for at least a year. :(

[Liberal_in_LA]

15. I applied also. :-(

[RiverStone]

21. In process - to the Board of Equalization in my county

There is a HUGE backlog and my appeal won't be seen for months.

Many, many folks have done the same as our property taxes are based on home values up to 12/31/07 (i.e. before the bottom fell out of the housing market).

The taxes represent an inflated value of 20-30% on average.

[Coyote_Bandit]

47. Ha!

My home has been reassessed twice in the last six months. There are also new millage increases that take effect this year. My property taxes this year will be 50% higher than they were last year. Seems I not only have to support public education (no objection to that) but as a property owner I also get to bear the costs of a new convention center, a new sports stadium, a new city hall and major road repairs necessitated by many years of neglect. Meanwhile rental housing is overbuilt. The apartment I lived in a decade ago rents for about the same (within $25) as it did back then. I'm lucky - some property owners here have seen their property taxes increase 600%in the last year.

My lastest assessment notice is hanging on the door into the garage. It is serving a motivational function to get me to make the house sellable and get the f*ck outta here. I view the house as a liability rather than an asset. I'm willing to sell the place to any up and coming slum landlord for several thousand dollars less than marlket value. Why? Because I know I can recoup that in property tax savings in a very short period of time. I only have to move about 15 miles to do that. However, given the opportunity I will leave this particular edition of red state fundy hell.

[ecstatic]

49. this is good to know. Thanks nt

[Phoenix-Risen]

9. You get less than ziltch

You get a warm and hearty handshake for doing the right thing. Other than that, get in line with the 3 million who lost their homes last year, the countless number who "short saled" and how about the family that got booted by the sheriff yesterday?

You get nothin'.

[lonestarnot]

11. Oh please. You have a fucking job!

[RiverStone]

27. Which continues to be marginalized so much I'm earning less every year

Per my disclaimer in the OP --- I'm NOT suggesting anybody in need (or out of work) get less.

This is about a stimulus system which is still weighted disproportionately to benefit the wealthy to such excess that ya can't even imagine.

I'm sorry if your out of work and I know the radical stress that goes with that; but I hope that as more and more of us fall into the category of "working poor" we will see a fairness to the ol trickle down theory.

How many fucking jobs will I need to hold just to stay at waterline?

[lonestarnot]

32. Oh I can imagine, and don't even have to imagine, I can see the reality.

The reality is that we withouters are now slaves. :hug:

[RiverStone]

34. Reminds me of V.

We all need to beware of becoming slaves to the coporations --- life imitating art.

peace~:)

[The Straight Story]

14. No, you have a place to call home - I lost mine

First home I ever had, lost job, etc and so on.

I get zilch too - you got a lot more than I did :)

[jtrockville]

16. Zilch? pfffttt.... you get something too...

You get the bill. Pay up.

[donco6]

17. I'm used to it.

Gay male, no kids. I pay for all sorts of things I don't benefit from - tax breaks for other people's kids, school bonds and mills, etc etc. I guess I just see it as my contribution to a better world. I'm not complaining.

[seabeyond]

18. i dont need a tax break, i dont want help with my loan, i dont want people to steal

ergo a post that states dont pay off car, mortage or credit card. i want things fuckin regulated, controlled, and i want some kind of universal health care giving us reasonable payments.

[On the Road]

33. Pretty Much Sums Up My Reaction

The government could restrict banks resetting variable rates for a period of time. They could force or encourage banks to refinance for underwater mortgage holders, spread out the mortgages over a longer period, or skipping a certain number of months to be added to the end of the loan.

Maybe this is the least expensive way to stablilize banks and the housing market, but I'm not fond of using taxpayer dollars this way.

[Kellen RN]

62. My sentiments exactly.

I just wanna keep doing what I'm doing and it'd be nice if my insurance actually helped pay for the medical bills I get in my mail on a weekly basis. Seriously, my wife had a baby eight months ago and we still get bills from that shit. And I have insurance. Fuck I'm a nurse! I work for the hospital that delivered my baby... I could've done it myself if I knew how much my insurance WOULDN'T cover. Hey Obama, it's nice that you want every person to have insurance, it'd be nicer if the insurance companies didn't duck and dodge paying for anything. It's a fucking racket.

[seabeyond]

68. two yr different in children, i paid more cash out with second when i

had insurance than with my fist that i had no insurance. between all the deductables for both baby and i ect... absolutely ridiculous and i was getting double billed by the hospital a number of times. and it was a forever paying like you that i was just paying to get it to stop, not knowing if i really owed.

i agree

[KittyWampus]

19. do you deduct the interest on your mortgage? will your property value be shored up?

[madrchsod]

20. we won`t get anything right away but

stabilizing the housing market helps every one in the long run.we do`t have the greatest credit but we have 20% equity but that was`t enough to borrow ten thousand for new windows and heating and cooling. we applied one week before the crash.if the market stabilizes by this fall i hope we`ll be able to keep our home warm and cool and increase the equity.

[Rosa Luxemburg]

22. the bailedouters should return something to the taxpayers after a number of years

at both ends the very rich and those who have been living above their means and have to be bailed out should repay some of it over the years. This is a kickstart to the economy but at the end of the day maybe the state government/taxpayers should own your home or part of it?

[blondeatlast]

81. Stabilizing shockingly devalued home prices is one payoff you'll see

rather quickly. If you think a blockful of foreclosed homes is good for the community--just keep on your whinin'.

As a recent purchaser with a traditional mortgage, big down payment, and even a tiny bit of equity, I would raterh see those homes occupied and maintatined.

[Catherine Vincent]

23. So you want a reward for paying your mortgage on time?

What do you feel that should be?

[RiverStone]

30. Considering that Wall Street bankers got 18 billion unregulated dollars...

...for doing not a damn thing, I'll take a higher interest deduction - or even a 1/2 point reduction.

Back to parity. Just advocating share the breaks - we ALL paid into them, we ALL should benefit.

We have flushed more money down the toilet given to rich folks who can't tell the difference than most of us will ever see in a year's worth of work ---- make it 10 years of income, or a lifetime of income!

Of course, even that pales in comparison to the immoral doings of what Shrub and Shooter did with our $$$....

[bertman]

58. Oh, those Wall Street bankers were doing PLENTY to get their billions. Doing shit like

raking in millions in salary plus millions in bonuses, selling worthless mortgages, and apparently royally screwing the rest of the world.

They been doin' plenty.

I agree with your argument, RiverStone, but I'll be happy if this "investment" brings stability. But I think stability is a long way off.

[Coyote_Bandit]

57. From my window

the guy that hasn't been paying his mortgage on time is the fellow getting the reward.

In comarison, doing the right thing is being penalized.

[Lost in CT]

75. I think it is more of an objection to the reward for not paying on time. nt

[unkachuck]

26. "what about us regular working folk?"

....you get a $13.00 per week tax cut....don't spend it all in one place....

[specimenfred1984]

28. Correct, we also continue to get shit for health care

Nothing will change until the U.S. arrests and prosecutes war criminals, corrupt politicos and fascist bankers. Apparently, the worst recession in history still isn't enough, I guess the U.S. will need to hit depression levels before the words "crime" and "criminals" become mainstream enough.

[DeepBlueC]

29. You get to own your home & preserve your credit rating

If anyone in your neighborhood who is at risk gets a break your neighborhood as a whole gets some protection from further loss of value. This seems like a raw deal to you? Are you pissed off that all those deranged disabled homeless are sucking up all the spare change that could have gone to you?

[RiverStone]

31. No, I'm pissed that billions and BILLIONS went to corporations and bankers...

That did not deserve it!

Did you miss my DISLCAIMER -- this is NOT about dissing the needy!

Believe me, if you look at where the money went (with no oversight) with bailout #1 --- it is a HUGE FUCKING raw deal! Of that, I take issue!

I only seek parity. Nothing more , nothing less.

[DeepBlueC]

40. what's done is done

you are insisting on your right to amplify the problem? By asking for more debt for all of to be incurred to salve your feelings? Consider yourself lucky. Do you listen to any of Obama's speeches? All these things are interconnected. Your house price is tied to those banks, even to those corporations because if they all go, as they will without essentially being recreated by us, the massive deflation will eat up everything you own. It's a very bad thing but the whole world is being sucked down the drain and frankly we can only make a stab at what to do. As one economist said "You know what this reminds me of? NOTHING." That means we are in utterly uncharted territory; it is a catastrophe for which history really provides no map of the way out. And you may see things get a lot worse before they get better. I hope you never have to look back wistfully on the time when you could say that you paid your mortgage on time and paid your bills and lived a decent life and got screwed by the bailout and wished you could have all that back again.

[RiverStone]

44. And learning from history will prevent it from being 'done' some more

Despite the complexities and lack of parity, in my view rather than amplify the problem (your words Deep) - I'm advocating shining a light on the dealings.

I find it interesting that although many of us share the common traits on the left - compassion, equal rights, fair trade etc. that is all too easy to assume a save the victim mentality while still negating to focus enough on the real evil doers - the corporations who have already extorted more billions out of our government then you or I can fathom.

In reality, I have seen a decrease in actual earnings (compared to the cost of living + health care) for a good 5 years in a row now. I resent that we keep lowing the bar. What will be the next normal - that I must work 3 jobs to just tread water?

Rather than salve, I seek information. My "feeling" is that as much as I am THRILLED we have Obama in the White House. I will never stop questioning authority. Even our new great president's.

[DeepBlueC]

48. it will be a long time before we have any kind of normal at all

:scared:

[DeepBlueC]

50. unfortunately history provides no real models

Have we ever seen the world going broke all at once?

[DeepBlueC]

45. second thoughts: pissed describes my feelings too

but the more I grasp about the situation we are in the more apprehensive I become and the more focused I am on the next step off this cliff to safety or at least shoring up the crumbling path we are on on the way to we hope safety. I left an implication that you are reacting selfishly and that is just not fair. I apologize. We did get handled a bit in Bush bailout and we let it happen because it was felt we had to accept a certain risk to effect a speedy result. We didn't get much time to react; everyone was afraid of sabotaging the rescue by piling on conditions whose effect we could not assess. And we are in fact dealing with guys who are masters at creative chiseling. That's what the financial industry is as far as I can see. But we couldn't do nothing - everyone felt that and we could not take too long to do anything - so it's done. We have to let it go and look for lessons learned because it appears that we are going to get more practice at this and we had better start focusing on getting good at it. There is no equitable solution. Value has been lost and and loss we are having to pay for. That is a done deal. And we would have paid no matter what we did. The whole recovery effort is just a way of trying to get reasonable terms on the mortgage of our economic existence. That's just so we can stay in the metaphorical house. Or that is how it seems to a non-economist who supports the efforts of this Administration to fight its way out of this mess. There is no right thing to do...I just hope settle on some less bad ones. Can you imagine if Republicans were still running the show?

[RiverStone]

56. metaphorically speaking, we share more common ground than not

I appreciate that ya swim deeply for sure - and for two non-economists to be debating this we are doing pretty damn good.

When the dust settles, I just hope it is win/win for all - and that the real wealth is spread around to ALL who paid into the bailout(s) - of course, that includes you and me.

If the pukes were still running the show, not only would the world be that much closer to nuclear destruction - but many of us would be exploring ways to move out of country - or living off the grid with other like minded DUers! :hi:

Thanks for sharing DeepBlueC - I enjoy a healthy debate.

peace~:)

[DeepBlueC]

59. peace, brother

:fistbump:

thanks

[xiamiam]

79. dont lump helping homeowners together with giving the banks bonus funds...nt

[earth mom]

35. I hear ya-it's really not fair especially when they gave the rest of us an insulting 13 bucks a week

While I do think they should solve the mortgage crisis, the way they are doing it doesn't help homeowners that are on the edge or can't refinance for a lower interest rate or even get a home equity loan to make repairs anymore.

I don't begrudge those who will have their homes saved, but I do begrudge the gawd damn 13 dollar slap in the gawd damn face they gave us all instead! :grr:

[Coyote_Bandit]

52. If you happen to be one of the long term unemployed

you didn't even get the $13 per week. You got abso-fucking-lutely nothing. No direct benefit to you.

[DeepBlueC]

55. I heard Obama describe help for homeowners looking to refinance for a lower rate

Did you see the speech? It is available on CSPAN. I guess you can't get a home equity loan if you have no equity due to falling prices but people on the edge have specific help available for refinancing.

[MiniMe]

36. I actually sort of liked a repuke congressman's idea on Hardball

For those who have their mortagages readjusted down because they are "upside down", if in the future the value recovers and they sell their house for a profit, they should pay the bank back. Of course, he didn't mention any limits on the amount the bank would get, they obviously shouldn't get more than was written down IMHO. That is only if a person actually sells the house and makes a profit. There has to be more thought put into it, if a person sells 15 years from now and had a 30 year mortgage for example. And I'm sure that the repukes would want to skew everything towards the banks, but it isn't a bad concept if it can be done fairly.

[unblock]

37. you get a lot of things

(a) you get to live in an economy that's a bit less screwed up because there are fewer foreclosures
(b) you get to live in a house that's less likely to go down in value because your irresponsible neighbors are less likely to walk away from their houses or get foreclosed on.
(c) you get the $400 per person credit (subject to phaseout)
(d) and if you really feel the need for more in the way of direct loot, swap houses with your brother and you can each claim the $8,000 credit :evilgrin:

[leftofthedial]

38. you get to pay taxes.

and get out of the way when a bank CEO's chariot passes.

[nadinbrzezinski]

39. The same happened durinig the Great Depression, but in a

smaller scale.

Yes, I want to get off this repeat of history ride...

And yes the same envy, if you will, happened back then

[satya]

41. Your mortgages have been subsidized for years, if you write off interest.

If you were a renter, would you be able to write off your rent?

Also, if your neighbors go into foreclosure, your house value drops 9% instantly, so you get to preserve your equity.

So no, you're not getting any direct cash payments, but as a homeowner (and father), the tax code is already skewed in your favor.

[Coyote_Bandit]

42. Ummmm......

Nope. Sorry. Nothing for you. Nothing. Zip. Zilch. Nada.

And nothing for the folks that scrimped and saved their pennies and paid cash outright for 900 square foot 80 year old homes in need of repair - even when they could have qualified for a mortgage on a much larger, newer and nicer home.

And nothing to directly benefit the long-term unemployed in the stimulus package either.

Sucks. Nothing for me either. Not from the mortgage bailout or from the stimulus package.

If I could buy or work my way out of this f*cked up country I would do it in a heartbeat.

[RiverStone]

51. I wish it were possible to draw a connection...

Between what you so aptly described Coyote_Bandit, and one of the CEO's that took more money than you or I make in 10 years as a bonus with YOUR tax money.

Maybe 500K to a mega millionaire is pocket change?

Whereas some are advocating moving on, I remain of the belief somebody(s) really, really fucked the tax payers over. Personally, I hold them in the same disregard as I do Shrub and Shooter - and I see their actions as criminal (see bailout #1 with no oversight).

Why is it the extreme rich/corporations got bailed out with your hard earned tax dollars - yet you (and I) don't get a dime of it? I think it is a question worth asking - and worth answering. :think:

peace~

[Coyote_Bandit]

54. You and I pay taxes

That means we get to subsidize the damn thing and bail out all sorts of other people.

I haven't seen a doctor for any reason in over a decade and find myself paying taxes to subsidize somebody else's COBRA coverage. I don't begrudge them the care but I find it horribly inequitable.

I love this country but it has betrayed me. My first loyalties are to myself and to my family. And since I am being sold short I want out. Unfortunately, it is not likely to happen.

[ContinentalOp]

43. Yes, if Obama doesn't do anything about this I'm going to be PISSED.

Why are Republicans the only ones who have put forth the idea of 4% mortgage rates? Why is it that I basically can't refinance today for any lower than I could 3 years ago at the height of the bubble, even though everyone is talking about lowering interest rates? Aren't the fed rates so low that the banks are basically getting free money?

And by the way, where the hell is the stimulus effect if you're only allowing people to keep their heads above water but not actually giving them any spending money? Why give everyone a $1000 tax refund that comes directly out of federal revenues, when you could help cut everyone's mortgage by $80 a month, the money comes out of the banking industry's profits (as payback for the bailout) and every homeowner will benefit from that for up to 30 years.

[Zhade]

46. Hell, just stop paying. Seems to be the way to get ahead.

Us renters? Still getting screwed, with no relief in sight. It's such fucking bullshit.

[glinda]

53. Don't know how us folks in the middle go about seeing if we get the ability to refinance

to a lower rate. If my husband and I could, we wouldn't be charging our food or other necessities. I totally understand where you are coming from. We have only one income and I cannot work right now and the two houses up the street are for sale. One for two years now. Our home value has gone down and we will take a loss of retirement savings when and if we sell. We have decided to sell but will put a sign out in front first and post on Craig's list.So in reality we are losing our home. Not in the traditional sense but we fall into that group. We did no overpay but all taxes, bills, etc. have gone up so we cannot continue to live like this.
I am thinking a "shack" with a wood-stove is about all we could realistically afford. Seriously.

[rpannier]

60. Depending on where you live

You won't have a bunch of empty houses around you bringing down your property value, having drug dealers break in and do their business next door to you, while robbing your house on occassion and raising your home owners insurance premiums.

In addition:
If you do find yourself in trouble then you have something there you can fall back on. Peace of mind is a good thing.

I would add that it may not seem fair. But, the money is to fix the system before it collapses and takes you down with it.
Be grateful it's not you with the problems -- I sure as hell am.

[blondeatlast]

83. Precisely--there are 158 homes in my sub--at least TWENTY are

abandoned--including the one right next door. I'm in the higher end of the sub and most of my immediate neighbors have big down/traditional fixed rates/even a tiny bit of equity.

One block away four homes are abandoned or being foreclosed on. It's a sad, scary sight. My immediate neighbors and I are doing what we can to maintain the abandoned house between us out of fear of drug dealers breaking in and taking over (I've been a victim of that before--no thanks).

Why is it so hard for some to see that propping up the real estate market benefits most working Americans? Sure it isn't perfect--but it's better than the balck hole alternative.

[tech3149]

61. Wow ! Such a progressive attitude.

I don't mean to demean your attitude, I just hope to make you understand that it's not all about you. Most of the people who will be helped were suckered into bogus loans by mortgage brokers who knew they were selling shit. The brokers knew they would have no liability for the mortgage, so they sold what got them the best income.

The buyers are like most of us, not financially literate. They were easy prey for a good sales pitch, especially when they have been marketed to think they had a chance at the "American Dream".

I don't really care to hear your response, I just want you to think about the bigger picture. I know it may be hard for you, I know it's been hard for me. Ask yourself this question, how would you feel if your property couldn't be sold for pennies on the dollar because your neighborhood hadn't been helped out of foreclosure?

From my point of view, I don't want to see any of my neighbors lose their home and even if they screw up, I'll go to the mat to make sure they get a fair shake.

[Fire_Medic_Dave]

63. How progressive of you. I don't really care to hear your response, nice attitude.

[smalll]

64. Pretty much yeah. And it sucks.

And your concern is NOT a let-them-eat-cake kind-of-thing. I've never owned a home, never been rich enough to buy one, I'm one of those nameless, faceless RENTERS (gasp!)

But I have a lot of sympathy for you. The profligate "home-owners" may want to attack you as the "rich guy", but you're not -- anyone who owns a home counts as rich. But people like you, like many renters (like me) deserve credit, not blame, for LIVING WITHIN OUR MEANS.

If we want to stimulate the economy in part by giving money to individual Americans, by FAR the most efficient way is through across-the-board income tax cuts (or perhaps cuts in FICA) -- the same for EVERYONE -- and this DOESN'T have to exclude the truly poor - just give them an increase in EITC tax credits!

But no, what our the Stimulus package payments to individuals for? They're not across the board. Instead, they're for: people who can buy cars right now! (yay!) People who can buy houses RIGHT NOW! (double yay!) People with rugrats (as per usual.) People who bought McMansions, even though they couldn't really afford it (yay, keeping up with the Joneses!)

So you own a house, and you make your payments: Welcome to limbo (wherein us single, child-unencumbered renters have always existed.) Maybe together, we can do something about it. It's not right.

[firedupdem]

66. You know some of us had our incomes in the auto industry....

they didn't just start getting rid of people. My job was lost 3 yrs ago and I took one paying less than half of what I made. My husband's was gone about 24 months ago and he busted his ass at 2 jobs to keep our modest home and our kids fed. We still ended up losing our home and I hate being told I didn't do what I was supposed to. Be happy you have employment. Some of us couldn't find employment that paid enough to keep us in our modest home and keep our children fed. I'm not getting anything either since I have nothing and had to move to another state to start over. I didn't live beyond my means or not pay my bills. The circumstances aren't the same for everybody. I sometimes forget I'm on a democratic board. I'm not a bum, nor did I not do the right thing. And for the smart asses who think it's fun and "getting ahead" to lose your home, think again. It really isn't getting ahead as my life as well as my children's has been turned upside down. Trust me we're not "getting ahead" with wrecked credit etc. It's funny nobody worried about what they were getting in the wall street bailout, but as soon as there is help for homeowners everybody is pissed. I already lost mine but if this money helps somebody else not lose it all, it's a great thing.

[Jeep789]

67. As One In The Middle

who is still employed and doing okay, I don't mind paying extra to help the less fortunate out. I only hope that help would be there for me too should I need it (but I won't count on it).

[Vinca]

69. If the housing market is stabilized, homes in general will stop losing value.

Everyone who owns a house wins. There's another way to look at it, too. The government failed to regulate the lending industry and allowed unsuspecting people to be preyed upon and victimized. You could look at it as paying damages in those cases.

[we can do it]

70. I Am Hoping It Will Stabilize Our Property Values At Least

Not much else, other than possibly being able to do a very low interest refinance (10-15 year fixed is around 5%)

[Kalyke]

71. Did you read the Q&A on the White House site?

Questions and Answers for Borrowers about the
Homeowner Affordability and Stability Plan

Borrowers Who Are Current on Their Mortgage Are Asking:

* What help is available for borrowers who stay current on their mortgage payments but have seen their homes decrease in value?

Under the Homeowner Affordability and Stability Plan, eligible borrowers who stay current on their mortgages but have been unable to refinance to lower their interest rates because their homes have decreased in value, may now have the opportunity to refinance into a 30 or 15 year, fixed rate loan. Through the program, Fannie Mae and Freddie Mac will allow the refinancing of mortgage loans that they hold in their portfolios or that they placed in mortgage backed securities.

* I owe more than my property is worth, do I still qualify to refinance under the Homeowner Affordability and Stability Plan?

Eligible loans will now include those where the new first mortgage (including any refinancing costs) will not exceed 105% of the current market value of the property. For example, if your property is worth $200,000 but you owe $210,000 or less you may qualify. The current value of your property will be determined after you apply to refinance.

And,

Borrowers Who Are at Risk of Foreclosure Are Asking:

* What help is available for borrowers who are at risk of foreclosure either because they are behind on their mortgage or are struggling to make the payments?

The Homeowner Affordability and Stability Plan offers help to borrowers who are already behind on their mortgage payments or who are struggling to keep their loans current. By providing mortgage lenders with financial incentives to modify existing first mortgages, the Treasury hopes to help as many as 3 to 4 million homeowners avoid foreclosure regardless of who owns or services the mortgage.

* Do I need to be behind on my mortgage payments to be eligible for a modification?

No. Borrowers who are struggling to stay current on their mortgage payments may be eligible if their income is not sufficient to continue to make their mortgage payments and they are at risk of imminent default. This may be due to several factors, such as a loss of income, a significant increase in expenses, or an interest rate that will reset to an unaffordable level.

http://www.whitehouse.gov/blog/09/02/18/Help-for-homeowners/

[carlyhippy]

72. I will get nothing, because I was smart enough not to get into an ARM in the first place

and was lucky enough to buy a home when the interest was 5% or so. It was drummed into my head by victims of ARM's in years prior NOT to get one. It's too bad that others didn't get the same advice.

[Phoebe Loosinhouse]

78. Mr. Genius Alan Greenspan was ENCOURAGING people to get ARM's

even when fixed were at all time lows and fretted that Americans had too much money tied up in equity!!!! Why does anyone continue to listen to anything that man says?

[carlyhippy]

82. good point, I am glad I didn't listen to him n/t

Carly

[adamuu]

73. Well, it's not going to be perfectly fair.

Sorry. :(

[JVS]

76. Do you complain that those who get to ride in an ambulance are having all the fun?

:shrug:

[rolltideroll]

80. Good luck.

I know things are tough, good luck man. I am a student, trying to get my masters, and I can tell you that the increase in Federal Grants helps me greatly.The doubling of property taxes has to kill your budget.I really think that this is an attempt to stem the bleeding. I believe, and I could be wrong, I heard Geitner remark that 10% of Mortgages are in default. If the actual numbers are even close to that it is a time bomb in our system.

[sarcasmo]

84. 13 dollars more a week in your paycheck, big win for the middle class.

[Bake]

86. You get to keep your property value more stable ...

Because the house for sale next door isn't a foreclosure.

That's not nothing.

Bake