Thread: My son's co-worker just got bailed out on his house!

Tonight I went to dinner with my son and he told me about a fellow he works with who had quit paying on his mortgage about four months ago....So this weekend the guy gets a letter from his mortgage company saying that they are reducing his principal and interest! My son just bought a house himself and he is wondering if it is smart to quit paying on his own new house? Now that we are a socialist country he figures the government can help with the new mortgage because the value of his own house has gone down since he bought it.

By the way I asked my son if the co-worker is a legal citizen and my son said he thinks the guy has green card, but he doesn't know for sure. This is an auto repair shop so I wonder myself about who they hire and if they are legal?

I was so POed tonight watching the national news. This one woman (white) had refied her house. The mortgage ballooned to 7.25% Then all the sudden Indymac bank stepped in and gave her a mortgage at 4%!!!!!!! This saved her over $1700 a month! Why on God's green earth can't we, who have faithfully paid ours every month, ON TIME, for over 8 years, get a 4% mortgage rate?!!? This exemplefies rewarding BAD behaviour! God, I am so pissed off, I could kick something!

Hell, why not lower EVERYONES mortgage to 4%?!?!? Now THAT would help the economy! We are currently paying 6 1/4% and I thought that was a decent rate!

This is what caused the current economic meltdown: LACK OF CHARACTER
When people bail out on their mortgages because the house value dropped below the mortgage amount, they lack character and take the easy way out.

And THAT keeps them poor or struggling for many years to come. Those who don't bail out and keep their agreement, may struggle for a while, but in a long run, their prosperity will grow.

In other words, the CHARACTER determines the wealth of a person, as well as that of a nation.

This country isn't in a big debt because of politicians (although non-sensical laws like minimum wage, contribute to it), but because Americans got lazy and weak, and choose the easy way out.

I want a 4% loan, sound great! Wouldn't it be nice if the government required every house loan for personal living to be reduced to 4%. It would help Americans who have been damaged by undocumented immigrants and Wall Street.

SicNTiredInSoCal, it has to be beyond frustrating to be faithfully making your payments and doing the right stuff and then sit back and watch irresponsible people get off better than you. It echoes the illegal immgration issue with all of us too, we work, obey laws, pay our taxes, and do not ask for help unless we are starving, yet we watch the illegals rake in all sorts of bennies and free stuff and help. Both situations are so fundamentally unfair.

It is a sad day when doing the right thing seems to have less importance to our own government, than being unlawful or irresponsible.

I'm with you guys. This really PO's me. I bought a home I can afford at what I thought was a low fixed rate, and have been faithfully making my payments. I guess I'm a sucker.

But since my retirement portfolio has in the meantime dropped 25% or more, can I get bailed out for this?? Or should I just not save like all the deadbeat losers and expect the govt to bail me out down the road just like with the ARM mortgages?

Originally Posted by SicNTiredInSoCal

I was so POed tonight watching the national news. This one woman (white) had refied her house. The mortgage ballooned to 7.25% Then all the sudden Indymac bank stepped in and gave her a mortgage at 4%!!!!!!! This saved her over $1700 a month! Why on God's green earth can't we, who have faithfully paid ours every month, ON TIME, for over 8 years, get a 4% mortgage rate?!!? This exemplefies rewarding BAD behaviour! God, I am so pissed off, I could kick something!

Hell, why not lower EVERYONES mortgage to 4%?!?!? Now THAT would help the economy! We are currently paying 6 1/4% and I thought that was a decent rate!

I heard about this woman too and I'm furious about it! This is what McCain was talking about in the debate Tuesday night. He wants to give people who can't afford their mortgage a reduction of principal and interest. Gee I wonder how many millions of people who should never had been homeowners are waiting in line for that government give-away or handout? Why not just give the homes to these people and not make them pay anything? If I was a renter, I'd be really mad!

I don't see how this great country can survive with so many idiots in charge?

Ironically, the total homes in foreclosure, or expected to go to foreclosure by year end, represents only about 5% of America's homeowners. The remaining 95% of homeowners will bail out the irresponsible at every turn in the road:

1) people who entered into mortgages KNOWING they couldn't afford;

2) Wall Street and Financial Institutions that "tweaked" loan requirements to meet the Bush Plan to make it easier for more Americans (and people passing themselves off as Americans with false documents) to own a home; and

3) continued bail out of Mexico and South America by subsidizing their primary exports and revenue generators - illegal aliens and their anchor babies. Most of these illegal aliens were part of the construction work force, making it possible to build over priced houses at record speed and considerable profit to the contractors. (NOTE: Recent PEW study shows that 4 of 5 illegal aliens are Hispanic)

And if that were not enough, after AIG was called on the carpet for it's $440,000 "reward party" for "fewer than 10 executives," Treasury granted them an additional $38B to buy up MORE worthless paper that suddenly appeared.

One has to wonder if the $700B bill to the tax payers to bail out Wall Street is just the first installment.

=========

So now Middle America must walk down a dimly lit Main Street wondering what will jump out next and how much it will cost us, and our grand and great-grand children. HIll chatter is:

Illegal aliens are too many to do anything other than slide through another amnesty, with restrictions and hope this time it works. Contrary to what some would have us believe, Immigration IS a hot button topic, but every effort will be made to keep it out of the Presidential campaign and debates. Making it a public talking point could sway the Hispanic vote from one candidate to the other - both of whom have been pandering to the Hispanic voters most aggressively.

Also, 10% of Mexico's population now lives and works in the US as illegal aliens, sending home as much as $25B a year to bolster the Mexican economy. The majority of these "exports" are Mexico's dregs - illiterate and unskilled ... a drain on their economy. Since their export, new births has dropped from 6.8 to 2.4 per year which will "yield" a better educated and higher income producing "next generation."

In other words, Mexico has much to lose if the US decides to send these illegals home. Mexico also has a big hammer to "convince" the US to foster it's dregs indefinitely - Mexico is our 3rd largest oil exporter, after Canada and Saudi Arabia.

None of this is a secret, nor is this any less of a concern across America, yet even previous Presidential Debate Moderators are scratching their heads wondering why the topic of Immigration is so "hush-hush" on Obama's and McCain's campaign attack ads, and not expected to be part of the last Debate.

Hiding this topic in the closet and refusing to discuss it publicly is not acceptable. If it means votes - too bad. Americans have a right to know what will happen to some 20M illegal aliens and their estimated 40M anchor babies - and if Middle Class America will be expected to bail them out too.

AE wrote:

SicNTiredInSoCal, it has to be beyond frustrating to be faithfully making your payments and doing the right stuff and then sit back and watch irresponsible people get off better than you.

Yeah, well how about folks like me who have worked hard and made sacrifices to pay off their mortgage early? Heck, I'm not even eligible for the mortgage deduction on my taxes.

I guess my parents were wrong when they used to tell me that being responsible, working hard, and making sacrifices when necessary would pay off for me in the end.

I have 3and1/2 years left on my mortgage. This bailout rewards the greedy at great cost to the frugal.
Lets not forget that many mortgages, encouraged and backed by our tax dollars, were given to illegal immigrants using an ITIN tax number.

Guess who will be first in line to refinance with discounted home values and lower interest than us honest suckers?