Okay, so you come up with the idea that lenders need to help those with home mortgages that are upside down, or even predatory in nature, and you say you are going to help people stay in their homes and any bank that took bail out money needs to comply and work with the borrowers… Yet then you will only consider Freddie and Fannie backed loans?
This is ridiculous! You do realize that while Freddie and Fannie might have around 60% of the loans out there, that leaves 40% of people in the exact same position out in the cold?
My loan(s) happen to be in the 40%. I’m stuck here with a 1st and 2nd that I need help with and you’re grand plan doesn’t do a damn thing address the issue.
My “interest only” loan goes up by $1000 in November. I can barely pay the amount as it stands now, at $2000, because the industry I work in is tanking and no one wants to pay a living wage to freelancers any more. No retainers, just piece meal work that doesn’t pay regularly or that much.
WHEN are you and your cabinet, the senate and the congress going to look at anything outside of Freddie and Fannie (ah – both government entities as it were anyway) and truly get with the program?
Very good post! It’s sad to see what is happening in the real estate market! Many house owners risk to lose their houses because they can’t pay the loan…The Government must do something to help!
Thanks for your comment.
What is getting really annoying is that even those that are keeping up (even those just barely able) are locked out of help, unless they are under Fannie and Freddie loans. The sad thing is, the Fannies and Freddies were already high risk borrowers, so why not give aid to those that weren’t high risk to begin with and have suffered from the stock market crash, rising inflation and the growing jobless rates that no one could have really seen coming?
As a home seller, how are you surviving in a rental market Cristina? Your industry is taking a beating along with a lot of other industries.