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November 17, 2008

What Has Happened to America … “Are You an Idiot to Keep Paying Your Mortgage?”

Posted in: Bizarre,Media,mortgage,Real Estate,WTF

America was built on the hard work, perseverance and responsibilty of generations and generations of people. Individuals faced tough times and the road bumps of life and over came life’s issues, trials and tribulations because they were responsible and wanted to succeed. There use to be a time when taking the easy way and especially fradulent way out was looked down upon.

Today, can that still be said to be true. In the, as News Busters calls it the “You have got to be Kidding Me” moment and as we just like to say WTF … the San Francisco Chronicle actly had an artice advocating for people to stop making payments on their mortgage so that they would qualify for the government bail out package. Some how if one buts too much house and one they cannot afford they are supposed to be bailed out and put and even heavier burden on tax payers and responsible home owners who pay their mortgage. Unreal.

From the San Francisco Chronicle: ‘Are you an idiot to keep paying your mortgage’?

Should you keep paying your mortgage?

If you have significant equity in your home, absolutely.

If you don’t, it’s getting harder to answer that question, especially when our government keeps giving people who owe more than their homes are worth so many reasons not to pay.

Last week, the government announced a program that will substantially lower payments for many homeowners who have little or no equity, but only if they are at least 90 days delinquent.

Here is how one qualifies for this program that will be abused just like ever other government hand out or entitlement. Go to NewsBusters and read more on the ridiculousness of the plan and the program that is destine for abuse.

To qualify, you must be at least 90 days delinquent and live in the home as your primary residence. You must owe at least 90 percent of the home’s value. It’s fine if you owe more than it’s worth.

Your mortgage must be owned or guaranteed by Fannie Mae and Freddie Mac or held by one of the participating loan companies.

If you meet these requirements and can document your income, your servicer will reduce your monthly mortgage payment – including property taxes, insurance and association dues – to 38 percent of your gross income.

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