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Ready to be really pissed off by your government?

More Money for Struggling Homeowners

provided by
Smart Money
Wednesday, June 29, 2011

A new federal program is offering aid with a sweet kicker: It doesn't need to be repaid.

For the roughly four million homeowners who have fallen behind on their mortgage payments, the federal government is offering yet another remedy: free money to catch up on their loans.

The effort, called the Emergency Homeowners Loan Program, is the latest in the federal government's efforts to slow down the flood of foreclosures a necessary step to a meaningful recovery in the housing market, says a Department of Housing and Urban Development official. For people who have lost their jobs, the $1 billion program offers loans of up to $50,000 that don't actually need to be repaid, if applicants meet certain requirements.

Answer Question
 
Anonymous

Asked by Anonymous at 2:20 PM on Jun. 30, 2011 in Politics & Current Events

Answers (55)
  • The goal, says HUD, is to offer short-term aid to people who look like they'll be back on their feet soon. But critics say the loans may leave homeowners worse off in the long run. "This is a short run band-aid, a modest attempt to grapple with the severity of the situation," says Stuart Gabriel, director of the Ziman Center for Real Estate at the University of California, Los Angeles.

    Rolled out by HUD and the nonprofit housing advocacy group NeighborWorks America, the program is making loans with far better terms than anything on offer at a local bank. The loans are interest-free. Payments go directly to the lender for a portion of the borrower's monthly mortgage, including missed payments or past due charges.
    And when the assistance period -- which runs for up to two years -- ends, 20% of the loan is forgiven with each passing year. In other words, for qualified borrowers who stay in their home for at least five years aft
    Anonymous

    Comment by Anonymous (original poster) at 2:20 PM on Jun. 30, 2011

  • Well I read it and I'm still not pissed.
    Musicmom80

    Answer by Musicmom80 at 2:21 PM on Jun. 30, 2011

  • I'm not pissed either..
    SuperrMommyy

    Answer by SuperrMommyy at 2:22 PM on Jun. 30, 2011

  • Anonymous

    Comment by Anonymous (original poster) at 2:22 PM on Jun. 30, 2011

  • i don't see how this is a bad thing for someone to not lose their home?
    amberpaiz

    Answer by amberpaiz at 2:22 PM on Jun. 30, 2011

  • Just more throwing good money after bad. It's what our government does best. It seems they are masochists and just want to prolong the pain.

    QuinnMae

    Answer by QuinnMae at 2:22 PM on Jun. 30, 2011

  • The only problem that I see with this, is that our gov doesn't have this kind of money! They are always complaining about how bad the budget is and yet they do things like this....I am sure this is only going to raise our taxes too, yippee!
    AF4life

    Answer by AF4life at 2:25 PM on Jun. 30, 2011

  • I'm sorry that people fall onto hard times. I do myself sometimes, but why should I have to struggle so hard when I wonder how I'm going to make it from paycheck to paycheck so my taxes can go up to pay someone else's mortgage? I lost a home to a hurricane, no one was there to help us. We struggled for over 3 years and built ourselves back up to become homeowner's again. My husband was also without a job. Life throws curveballs, it's time people learn to dive for those balls instead of standing still and letting someone bring the ball to them. Someone has to keep paying for all of these handouts. I don't mind helping, but when I have to keep struggling so someone else doesn't have to, there is something just not right there.
    attap5

    Answer by attap5 at 2:27 PM on Jun. 30, 2011

  • It will be a waste of your tax paying dollars!!

    Giving money to people who can't pay is how this miss started!!

    So yes I'm pissed!!!
    gammie

    Answer by gammie at 2:27 PM on Jun. 30, 2011

  • More money for the banking industry-
    Sisteract

    Answer by Sisteract at 2:29 PM on Jun. 30, 2011

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