Jan
08
Mortgage arrears: why should we help?
By
Suggestions are that the “government” should help those struggling with their mortgage repayments or those in arrears.
This makes my blood boil!!
Why on earth should the government use my (= taxpayer’s) money to help those people so stupid to have chosen to be mortgaged to the hilt?!!!
Sell House Quick
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9 Comments
April 28th, 2009 at 3:42 am
You make your own bed ,as the saying goes
April 30th, 2009 at 10:15 pm
It’s not the borrowers that the Government needs to bail out, but the banks. They have borrowed money and lent it out to people who can’t afford to repay it. If a few people default on their mortgages, the banks can repossess the houses, sell them and get the money back. If a lot of people default, house prices will slump and the banks won’t be able to get back the money - but they’ll still owe it. So banks will go broke and Northern Rock will become the norm.
Now you may have noticed that the UK stopped doing anything useful back in the 1970s. We import our clothing, our manufactured goods and most of our food. We keep afloat by poncing off the producer nations offering them banking services. If the banks go bust, so does UK plc. And we’ll all be looking for cheap jobs in Poland.
May 4th, 2009 at 8:09 am
Presumably you don’t mind your tax flooding out of this country in foreign aid, or contributing £17 million to Scotland who want independence, or to Eastern Europeans claiming Child Benefit for children living outside Britain? Do you honestly think anyone chooses to be ‘mortgaged to the hilt’? Maybe you should consider what might happen to all those people should they default on their mortgage repayments and have their home repossessed.
May 5th, 2009 at 5:57 pm
100% behind you on this. it makes my blood boil as well
May 6th, 2009 at 5:38 am
On one hand I completely agree with you, the borrowers got themselves into the mess. But on the other hand when foreclosures rise, property values decrease, which effects all the houses around the foreclosure. So then when a responsible homeowner wants to refinance their home to lower the payment they can’t because their home is worth much less, which can result in more foreclosures if owners are in the position where they have to refinance or lose their home. Also, crime goes up as well with increases in foreclosures due to the availability of new private spaces that can easily be broken into and used for drug dealing and numerous other things, this has become a huge problem in large cities and is why cities like Cleveland and Baltimore have actually started suing the lenders. Therefore the government shouldn’t be helping out to benefit irresponsible homeowners, but rather to help out the rest of society who has to deal with the results of their poor decisions.
May 6th, 2009 at 11:00 pm
I agree. A newspaper article related the tale of a couple. take home monthly pay 6000. Bought a $440.000 house with $5,000. down. Couldn’t make their $3700. monthly mtg. They knew that was impossible before they bought. Unless they did not plan on eating all month.
May 8th, 2009 at 5:12 am
if people lose their home by repossession then the government has to house them which can be very expensive so by helping people to stay in their own home can be the less of two evils. losing a job or being ill cannot be helped so come on have a hart
May 11th, 2009 at 4:33 am
You know what makes my blood boil? People who don’t understand the system . . . and act as if they do. Admit it you and 78% of the people in America Do not understand the System.
” If the people understood their banking system, there surely would be a revolt overnight.” - Henry Ford, Published In The Washington Post
When you pay taxes to the IRS, you do nothing to help anyone but the Federal Reserve (A fact that it IS a private bank) a part of the Treasury of 1789 of the Worlds Bank, NOT The treasury of The United States, See Any dollar for the fact that there are 2 seals and 2 signatures, AKA a contract.
If the fed does not DUPE us into paying income tax the inflation of the dollar would be insane, but why give control to foreign bankers? America, not too dumb to read, but surely too dumb to Comprehend. Income taxes are ILLEGAL unless you are in a W2 Agreement AKA a contract, they cannot legally hold tax without agreement to do so, why, governments don’t need permission hmmmmm. Also the only form required by a law of a citizen with a Tax ID # is a 1099 and If you are not a foreigner working here, you can in fact file a 1099 every year with a big fat $0 legally since you are foreign to the Tax code being a citizen of the USA. But since you don’t understand what you read, i don’t expect you to understand.
Long Story Short! Heck no, if the FED bails out mortgage owners, not only will the fed own our riches in currency, and national assets of the individuals too! NO NO NO!
Seek out a simple Mortgage Elimination Program, that will ALLOW anyone to use a simple account, and WITHOUT spending ANY MORE MONEY MONTHLY, you can eliminate your mortgage in 1/4 the Time, using a Banking secret of the Rich, called REVERSE COMPOUNDING INTEREST. See the included resources.
It’s time for America to Wake up, Start creating wealth instead of Debt! Our Country depends on it.
May 13th, 2009 at 7:34 pm
Learn all about mortgages here -