Should I Stop Paying My Mortgage Now Or Wait Till I Loose My Job.
I just found out that "New Home Starts" were the lowest ever since they started keeping records in 1956. Thats not good for me considering that I am a Brick Salesman. Its a good chance I will loose my job in the near future.
I want to thank ya'll in advance for paying my mortgage via the U.S. government. I will be sure to give detailed fishing reports since I will be able to fish everyday while ya'll are working to support my family
Oh Yeah, I think I will go ahead and max out my credit card while I still have the chance. I am sure the government will find a way to make ya'll pay for that too.
There is no provision for the government to pick up delinquent homeowner's payments. They are trying to get a moratorium on foreclosures, then with this "breathing room", encourage the lenders to restructure the variable rate mortgages, so people can pay them themselves. This also will supposedly clean up some of these "toxic assets" that you hear about. Having said that, I won't say that it won't cost something to implement.
I feel your pain PanPhysh. The way things are right now, I think most anybody is at risk of losing their job. I'm self employed, and employ 2 others full time, and another 4 part time, mainly in the spring/summer. As it stands right now, I have NO work for the part timers. I sent one of my full time guys to a grower down the street for a few days. They needed some temp help, and it saves me 3 days pay for him. I really don't want to let him go if I can help it, but as you said, ya gotta pay yer mortgage.
Hang in there man! If I needed a brick, you'd be the first guy I'd call!
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Do gooder since April 26, 2009!
I agree with SQ on this one, we're down to 4 people here from 12 this time last year, it's gonna affect eyerybody. I've got one project that going to last till the end of the year and if construction doesn't pick that will be it for me. I've been putting every dollar I find on paying down the line of credit we took out to add on when we moved the SIL in with us. The wife teachs so her job is fairly secure, with that and SIL's retirement we could get by but it would be tough. I'm going to start a garden this year and it looks like a lot of gills and crappies from West Neck are going in the freezer.
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" I don't know" Shoer 8/03/2009
P. You are pretty much correct on this. "encouraging the banks" to adjust payments is one thing, giving judges the power to "write down " the balance, is entirely different. This was announced today. Destroying the contract system in this country will be the end of commerce as we know it. Of course , it is possible that some American's believe that the bank contracts will be the only contracts set aside by the government........naw.... nobody would believe that.....would they?
ShellQ. please listen again to bama's plan.There are three different parts,he actually gives the second part first and yes there is provision for all Achievers to pay down overextened credit card debts for non achievers.Listen close to his speech.
We lost 18 employees last year and none were replaced. Work was divided amongest those of use who are still here, but I am THANKFUL that I still have a job.
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"The fish don't know if you're male or female"
200 billion has previously been appropriated for the housing crisis and today they are adding another 75 billion. My fear is that the majority of the people who get thier mortagage restructured after the moratorium will be back in forclosure within two years. There is plenty of blame to go around. The government forced the banks to make loans to people who could not afford them so they could appear to be helping the less fortunate and get thier votes, the lenders got greedy and made bad loans with the hope that it would not catch up with them and people bought houses they could not afford because-well-the bank lent them the money. Now people who make good decisions have to foot the bill for people who make bad decisions-AGAIN. While we are having to tighten our belts Uncle Sam is getting fatter and fatter.
Ok, I'll get of my soap box now! If anyone disagree's with me I am still your friend. I may claim to know it all but deep down I know it don't.
Last edited by PANPHYSHER : 02-18-2009 at 02:42 PM.
Pan,You and I are on the same page.We must listen to the same news.hope your job is not affected.This whole thing is getting more than just scary for everyone and the gov. is making it so.
200 billion has previously been appropriated for the housing crisis and today they are adding another 75 billion. My fear is that the majority of the people who get thier mortagage restructured after the moratorium will be back in forclosure within two years. There is plenty of blame to go around. The government forced the banks to make loans to people who could not afford them so they could appear to be helping the less fortunate and get thier votes, the lenders got greedy and made bad loans with the hope that it would not catch up with them and people bought houses they could not afford because-well-the bank lent them the money. Now people who make good decisions have to foot the bill for people who make bad decisions-AGAIN. While we are having to tighten our belts Uncle Sam is getting fatter and fatter.
Ok, I'll get of my soap box now! If anyone disagree's with me I am still your friend. I may claim to know it all but deep down I know it don't.
You are exactly right! I was gonna get on that soap box, but figured I would let it lie, but since you did, I have to agree. We have a real estate dept here in our office and we saw it happening.....need I say more....
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"The fish don't know if you're male or female"
ShellQ is correct. What he said is what we were told was going to happen but Unless I missunderstood the speach today that has changed.
Here is what I would like to see.
Homeowner: Mr banker, times are tough and there is no way I can keep paying my mortage in its current form. I realize I got in over my head and I am doing my best to correct the matter. Is there anyway you can work with me so I can keep my house and you wont end up having to sell a house in a bad market?
Banker: Mr. Homeowner, It will be a lot easier for us to work out some better terms that you can manage than for me to have to sell a house in this market. Lets see what we can work out.
Government:Mr Banker, Although our intensions were good we should have never forced you to loosin your lending parameter's so that people could qualify for loans that they could not afford. As with most Government programs our good intensions have backfired. We have learned out lesson and we have confidence that the American people and the capitalist system can work this out better than we can.
I know its a pipe dream but it sure would be nice.
Should I Stop Paying My Mortgage Now Or Wait Till I Loose My Job.
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