Quote:
Originally Posted by QuayzyCrazy  ".. Some of these foreclosures will result from borrowers who, as investors, do not qualify for the program. Others will occur because borrowers do not respond to our outreach. Still others will be the product of borrowers who bought homes well beyond what they could afford and so would be unable to make the monthly payment even on a modified loan..."
I'm definitively not in the first 2 categories. When I bought my apartment Countrywide/Bank of America was eager to take my money and to them my finances and I were well qualified then- credit score over 700 and over 50% downpayment. Now my apartment is underwater and it's market value is about 50% of what I paid for it, and I guess to having lost all my equity and have the marke like sh!t is to this government my fault too. I wonder how many people will the bank say that they bought without been able to afford?.... Lame excuse to me... sorry!
What about all the people who bought and could afford only 2 years ago but because of the circumstances of this country and/or personal, have lost all what they had and now are facing plain and substantial financial hardship? I honestly think that this one is the main category and is the only category Mr. Barr's speech is not mentioning! Why????? Ugggghhhh!!!! |
I so know what you mean... we bought this house almost 3 years ago and the combined mortgage payment on our two loans was 31% of our income. OUR INCOME has changed so now that payment is no longer affordable...so, I did not buy a house I could never afford (and neither mortgage is an ARM either!) It's a big house with big taxes and big utilities and I now have big credit problems because I can't afford everything and have had to fall behind on the non-essentials. And the fact that I can't even get a fair assessment to see if I qualify for this program just infuriates me to no end! But hey, everything's right on track they say! I say,
GTFOHWTBS (google that one if you need to
).