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Obamas Homeowners plan

This morning I was in the gym and saw a glance of a statement about Obamas plan for Homeowners. Did anyone else get to watch this and what was it about?

 
determind

Asked by determind at 2:31 PM on Jan. 12, 2009 in Politics & Current Events

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Answers (8)
  • Is it the Foreclosure Prevention Plan.  The problem with this is that those of us who PAY our mortgage, WILL have to continue to pay at the price we originally purchased the home which hurts our resale value when some neighbors have renegotiated new terms and a new appraisal. For example.  If you paid 200,000 for your home in 2005 and your neighbor did as well.  If they enter bankruptsy court and get their terms renegotiated for $150,000 and they turn around and sell their home for $155,000 while you are still paying the inflated price. This could force the value of homes down even more and not allow prices to correct themselves.

    grlygrlz2

    Answer by grlygrlz2 at 3:31 PM on Jan. 12, 2009

  • Googled it, but can't find anything. What was the jist?
    Fiveofakind2

    Answer by Fiveofakind2 at 2:39 PM on Jan. 12, 2009

  • LMAO akin
    gemgem

    Answer by gemgem at 2:43 PM on Jan. 12, 2009

  • WE own our home.Nobody forces me to believe something.
    Anonymous

    Answer by Anonymous at 3:01 PM on Jan. 12, 2009

  • This could be an example of government getting involved to help a small percentage and hurting a larger majority.
    grlygrlz2

    Answer by grlygrlz2 at 3:33 PM on Jan. 12, 2009

  • Yeah, my neighbor can't pay her mortgage, so she gets a discount and a lower interest rate. I can, so I get screwed by declining home values.

    I can then in turn STOP paying my mortgage, claim I can't afford it, get a discount, and screw my neighbors.

    It's like the bailouts--now everyone wants one.

    mancosmomma

    Answer by mancosmomma at 4:09 PM on Jan. 12, 2009

  • Why can't ppl just be smart and buy homes they can actually afford? Then we won't have to bail out the millions of idiots in our nation who thought they were living the high life.
    livn4hevn

    Answer by livn4hevn at 5:01 PM on Jan. 12, 2009

  • Um, there are rules about how much equity a homeowner can keep when entering into bankruptcy and there are laws protecting the banks. It's a lot more complicated than just selling your house at a lower price.

    But, it does suck that those who are paying diligently are not getting anything out of it.
    sammygrl77

    Answer by sammygrl77 at 5:30 PM on Jan. 12, 2009

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