someone please tell me about home mortgage bailout. i heard it was refinancing

[seabeyond]

so they could pay them out. this was a week ago or so. now i am hearing lots of threads about people getting something the other isnt as if the mortgages are not going to be paid back and they are not paying their debt.

i looked for a thread talking about mortgage bailout and couldnt find anything

someone want to tell me what is up

thank you ahead of time.

[Life Long Dem]

1. It's to prevent the one's ready to be thrown out of the house any day.

When they come to auction the house off, but no one shows up and the bank just takes the house. And your're thrown out into the snow bank.

[seabeyond]

2. ok.... but what are they doing for the people that are ready to be thrown out of their house?

are they having the banks refinance so they can pay it out at lower interest?

or are they wiping the debt?

or are they giving them the money to pay it?

[Life Long Dem]

3. The first one yes,

They even said to try for lower rates if you're not in foreclosure, but might be down the road a bit. It depends, and to call the lender and they will work with you now that Obama gave them some leg room to work.

[seabeyond]

4. thank you for the help. so these people yelling about i followed the rules, what do i get....

the people on vergo of forclosure, of losing home is not getting anything, but a refinance where they will have to PAY all that they owe, eventually?

i am not seeing that they are necessarily "getting" anything.

the outrage doesnt make sense

[Tandalayo_Scheisskopf]

5. Apparently...

Even people here get their economic news and understanding from Limbaugh and Hannity.

[seabeyond]

i am into personal responsibility. i live and breathe it to teach boys, BUT

even with that, .... it just makes no sense for people to be so outraged when loan is being paid back, .... just adjusting it so a person is able to.

[DeepBlueC]

10. agreed

yet all the rabid yelling gets the TV time even on progressive shows. I think we ought to have a moratorium on broadcasting the rantings of people like Alan Keyes who really have nothing to add to the discussion. We used to ignore lunatics (they had to fight to be heard) and seek the opinions of knowledgeable individuals, but now we are actually extending the reach of the wingnuts. It is not helpful.

[DeepBlueC]

6. I think you should look to the primary source of info

http://www.whitehouse.gov/blog/09/02/18/9-million-plus/

The broad outlines of the plan are described here and there are links to what I assume are further details. There's too much talk out there about what people THINK it is.

[seabeyond]

7. really? cause i have been wondering why this thread hasnt been jumpin

with people sharing knowledge....

geeeez. you are gonna make me read that dry shit. i hate reading shit like this. *sigh*. ok. thanks. lol

[DeepBlueC]

8. it's not particularly dry

and if you are looking to see who is eligible this is where to go. The arguments even here have been proceeding with a lot of oversimplification and distorting generalizations. It is a lot more carefully constructed than one might imagine from reading posts about the plan.

[seabeyond]

9. excellent. ok, thanks. that is the encouragement i needed to go and read

lol lol

my hubby has to prod me the same way.

thanks

[DeepBlueC]

11. honestly, you prodded me to go find the thing

:rofl: thanks to you

[seabeyond]

12. lol. and i agree with your i agree up above. what i got if i read correctly, only 1k year

going to the person who owns home, and looks to be a reward on paying system and may have soemthing to do with taxes. most money spent to insure the lower interest so it doesnt hurt the lender and other smaller fees to encourage a lender to do this, also rewards to lenders that do long term, 5 yrs.

also a reward "contest" to community that is most aggressive in doing this for homeowners

also a part of the money has to do with renter assistents, something i have heard people on board bitch about "what about me, i am a renter" and the homeless and getting roof over their head

anyway, ... sounds like the implemented a lot of control and oversight and restriction. whether that happens is anyones guess

i appreciate the info and encouragement to research