I will stop paying my mortgage if you do...

QuestionAuthority

pghas wrote:

Your incentive is that you still own your home, you have a good credit score that may not help you now but will down the road, and you don't have to deal with the emotional upheaval of being foreclosed upon. Refinancing is very difficult right now. And people like those you are "envying" right now are the entire reason we're in this mess in the first place. What needs to happen is that everyone needs to be able to pay their mortgages, not that everyone stops.

You were smart. Take pride in that fact. The idea that all these people being foreclosed on should be bailed out is ridiculous. That's just Obama misunderstanding the actual problem and instead trying to win votes from the chunk of people that were idiots, as you put it. The current "bailout" is really just the government stepping in and buying up all these mortgages and basically properties and holding them until lending conditions improve and the banks can function properly again. Then they'll sell them at a profit. How much CEO's are paid is irrelevant and not the problem.

Sorry.. but to me the fact that these CEO's are being paid OUTRAGEOUS amounts of money with a failed compnay is VERY RELEVANT and IS a problem!

writersu

eekamouse wrote:

Nobody on this board knows anybody famous that would go along with this?

I'm actually serious.

It's like Fight Club but realistic and subtle.

I was watching something and I saw that they were referring to a time in the depression when people were mad about others getting evicted and they staged actual revolts based on the fact that the landlords and mortgage companies would come to where they lived when they wanted to evict them and when they arrived they would stand against them as a mob.

I like that idea.

And I think that mortgage companies and credit card companies are ruthless blood hounds but taking my own responsibility for this as well, it is like a chicken and an egg thing. Did they start it or did we? What I mean is that is it due to (my) our own wants for the things we can't afford that we think will bring us happiness? I once thought that, truly but now I think of it as (being forced upon me of course) if I have what I need then that is all I need.

I do think that someone has to step up though for the common people here. I think that would gain them a whole lot of public adoration. A hero........

I can't listen to either candidate; no matter whom I will vote for (as I already know whom that will be) tell me that it is a process. Bullshit. Just get in there and take it by the balls and fix it. Don't bullshit us; we know it is possible. There is no "process".......right??

mammasan

pghas wrote:

Your incentive is that you still own your home, you have a good credit score that may not help you now but will down the road, and you don't have to deal with the emotional upheaval of being foreclosed upon. Refinancing is very difficult right now. And people like those you are "envying" right now are the entire reason we're in this mess in the first place. What needs to happen is that everyone needs to be able to pay their mortgages, not that everyone stops.

You were smart. Take pride in that fact. The idea that all these people being foreclosed on should be bailed out is ridiculous. That's just Obama misunderstanding the actual problem and instead trying to win votes from the chunk of people that were idiots, as you put it. The current "bailout" is really just the government stepping in and buying up all these mortgages and basically properties and holding them until lending conditions improve and the banks can function properly again. Then they'll sell them at a profit. How much CEO's are paid is irrelevant and not the problem.

Funny how you place full blame on this mess on the people who took the loans. What about the Federal Reserve, what about the government relaxing regulations, what about the predatory lenders. The Sub-prime mortgages are but a small fraction of the problem. You should probably educate yourself a bit more on the situation before you go spouting off nonsense.

To the OP, I currently do not own a home but I would never stop paying my mortgage. There are other ways to protest the governments actions.

dignin

let the house of cards fall....if its a depression then so be it, a redistrubution of wealth in the world wont hurt me one bit.

puremagic

eekamouse wrote:

Seriously.

Fuck these pricks. Let's start over.

This is my house. That's your house. I'm good with that.

Bad original idea.

However, why couldn't this Bailout be straight forward with homeowner relief. Two years, starting January 1, 2009 ending effective December 31, 2011, all mortgage payments for a single family homeowner, including townhomes and condos, in the amount not to exceed $3,000 per month will be considered prepaid.

1) During that period the homeowner under this prepaid Bailout plan can not sell, lease or sublet their home.

2) During that period the homeowner under this prepaid Bailout plan who sells their home is subject to back mortgage payments.

3) During that two year grace period any new real estate transactions of selling or buying homes are required to immediately pay mortgages.

So for two years people have the opportunity to stays in their homes and gets their act together. The government still retains the ability to sell and buy distress property.

Another $700 stimulas check is not going to do the job.

eekamouse

writersu wrote:

I was watching something and I saw that they were referring to a time in the depression when people were mad about others getting evicted and they staged actual revolts based on the fact that the landlords and mortgage companies would come to where they lived when they wanted to evict them and when they arrived they would stand against them as a mob.

I like that idea.

And I think that mortgage companies and credit card companies are ruthless blood hounds but taking my own responsibility for this as well, it is like a chicken and an egg thing. Did they start it or did we? What I mean is that is it due to (my) our own wants for the things we can't afford that we think will bring us happiness? I once thought that, truly but now I think of it as (being forced upon me of course) if I have what I need then that is all I need.

I do think that someone has to step up though for the common people here. I think that would gain them a whole lot of public adoration. A hero........

I can't listen to either candidate; no matter whom I will vote for (as I already know whom that will be) tell me that it is a process. Bullshit. Just get in there and take it by the balls and fix it. Don't bullshit us; we know it is possible. There is no "process".......right??

See. This is exactly what I'm talking about.

We owe these assholes nothing. Nothing!

The homes are ours. The local police have their homes. They can help out.

You people honestly telling me you give a SHIT about paying the money back to some Federal Reserve or some fucking Chinese loan shark.

I don't. They are fine. Maybe they can try being poor. See how they like it.

blackredyellow

eekamouse wrote:

See. This is exactly what I'm talking about.

We owe these assholes nothing. Nothing!

The homes are ours. The local police have their homes. They can help out.

You people honestly telling me you give a SHIT about paying the money back to some Federal Reserve or some fucking Chinese loan shark.

I don't. They are fine. Maybe they can try being poor. See how they like it.

When I bought my house, I agreed to pay the mortgage back in the terms that we mutually agreed on. The bank honors their end of the contract, and I honor mine.

I fail to see how not paying on that loan to try to screw some rich guy at the top of the bank will help anything, but your checking account for a few months.

If your idea would somehow happen on a large scale, the nation would be in chaos... Sure, a handful of overpaid CEO's would be out jobs, but so would hundreds of thousands of other innocent people working in the banking industry or any other industry that needs to borrow money from time to time (all of them)... And good luck ever selling your house or anyone else ever being able to buy a house again.

eekamouse

blackredyellow wrote:

When I bought my house, I agreed to pay the mortgage back in the terms that we mutually agreed on. The bank honors their end of the contract, and I honor mine.

I am definitely down with that. But what about the responsibility of everyone else that is jacking me over.

By the stupidity and "underhandedness" of all parties involved, the deadbeat homeowners, the Fed, the big banks, all those guys... They are jacking US over.

Why should I honor that commitment if they haven't.

Kel Varnsen

blackredyellow wrote:

If your idea would somehow happen on a large scale, the nation would be in chaos... Sure, a handful of overpaid CEO's would be out jobs, but so would hundreds of thousands of other innocent people working in the banking industry or any other industry that needs to borrow money from time to time (all of them)... And good luck ever selling your house or anyone else ever being able to buy a house again.

It would also screw over anyone who has their money in a savings account at a bank, since the money they deposit is basically used to buy the house you are paying a mortgage on. So if everyone were to stop paying off their mortgages, they would basically be screwing over anyone with a savings account.

eekamouse

Kel Varnsen wrote:

It would also screw over anyone who has their money in a savings account at a bank, since the money they deposit is basically used to buy the house you are paying a mortgage on. So if everyone were to stop paying off their mortgages, they would basically be screwing over anyone with a savings account.

Ya that whole 2% really helps.

Kel Varnsen

eekamouse wrote:

Ya that whole 2% really helps.

I am not talking about the interest I am talking about the actual savings. Lets say you and I are the only bank clients. I put $1000 into a savings account. You show up to the bank and ask for a $1000 loan. When they give you that loan they are basically giving you my money on the assumption that you will pay it back and they can make more money on the loan interest than they have to pay out on the savings account interest. If you decide you are not going to pay the $1000 what happens to my money? Now increase this by a huge national scale. I know most places deposits are insured, but if everyone stops paying their mortgages, like you suggest do you think there would be enough money to insure all of those deposits?

eekamouse

Kel Varnsen wrote:

I am not talking about the interest I am talking about the actual savings. Lets say you and I are the only bank clients. I put $1000 into a savings account. You show up to the bank and ask for a $1000 loan. When they give you that loan they are basically giving you my money on the assumption that you will pay it back and they can make more money on the loan interest than they have to pay out on the savings account interest. If you decide you are not going to pay the $1000 what happens to my money? Now increase this by a huge national scale. I know most places deposits are insured, but if everyone stops paying their mortgages, like you suggest do you think there would be enough money to insure all of those deposits?

Ya but that's not how it works. They use fractional percentage banking and loan out more than they have anyway.... which is the root of the whole fucking problem.

Cosmo

eekamouse wrote:

See. This is exactly what I'm talking about.

We owe these assholes nothing. Nothing!

The homes are ours. The local police have their homes. They can help out.

You people honestly telling me you give a SHIT about paying the money back to some Federal Reserve or some fucking Chinese loan shark.

I don't. They are fine. Maybe they can try being poor. See how they like it.

...
Didn't you sign a contract? Doesn't your word mean anything?
They... these monsters.. loaned you the money to move in. Until you pay off the loan... you are living in a house that is owned by the bank... not you.
...
I re-financed in 2003 into a 15 year fixed at 6.25%. In the past 5 years I have recieved many offers... by phone and by mail... to re-finance into an adjustable loan with extremely low interest rates.. much lower than 6.25%.
I didn't bite. The way I read it.. if that many people were calling my house... sending me E-Mails and letter... I figured it was not on the up and up. i was happy with my current loan... at my current rate... with my current managable payments.
Sure, i could have cut my monthly payments with a loan with a lower interest rate... but, at what cost?
I guess it comes from being more of a tortise than a hare... well, that and being so damn lazy.
Finally... Who is your lender? Are they part of this bail out?

writersu

blackredyellow wrote:

When I bought my house, I agreed to pay the mortgage back in the terms that we mutually agreed on. The bank honors their end of the contract, and I honor mine.

I fail to see how not paying on that loan to try to screw some rich guy at the top of the bank will help anything, but your checking account for a few months.

If your idea would somehow happen on a large scale, the nation would be in chaos... Sure, a handful of overpaid CEO's would be out jobs, but so would hundreds of thousands of other innocent people working in the banking industry or any other industry that needs to borrow money from time to time (all of them)... And good luck ever selling your house or anyone else ever being able to buy a house again.

I see your point and I agree, but maybe the laws have to be changed as to what they can't or cannot do....

like ok, is it ok for someone to be obviously living life FULLY and not pay their mortgage? No, of course it is not.......

is it ok for a family who is hit by hard times by either death of a parent, divorce, illness or maybe one of the main working people in the family loses their job, to be kicked out of their home? No maybe a little more "grace" in the so called grace period.........

melodious

PJSerf wrote:

Congress passed a $300 billion homeowner bailout in July to help those close to foreclosure refinance.

There's a very good chance that this $700 billion bailout could turn profitable for the government and not cost the taxpayers' a dime.

Considering the alternative, a recession worse than the Great Depression, I think this is a necessary step.

Ditto...



.

writersu

melodious wrote:

Ditto...



.

I hope so........

That would be great. I know he is not a favorite here, but wouldn't it be great if The President came through with this bailout and changed history with the heroic measure he is taking? Time changes and softens us, I watched Clinton on the View the other day and listening to him speak, I forgot all of the bs we heard when he was in the White House doing Monica and I truly respected what he said.
Maybe if this works out, then he will be seen as the President who stood up to the terrorists as well as the President who turned around the economy.........

I would like that..........