ST Alpha - "My biggest issue is people that are paying their mortgage but struggling qualify for ZERO of the government low interest programs." (Reading a Post)

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In response to "Not every person in foreclosure should get to keep their house. -- nm" by TFox

My biggest issue is people that are paying their mortgage but struggling qualify for ZERO of the government low interest programs.

Posted by Redmond (aka redmond) Aug 13 '09, 16:37

My unemployed family member just got a windfall program. Not kidding I can link the BB post. I cannot qualify for it because he was 5 months behind in his payments and I am not.

Sooooo, they are creating an incentive to not make your payment.

Responses:

[deleted] 3
- Unemployment has a cut off. If it was open ended then your example would work better. These people are getting deals for the rest of the 30yr loan. -- nm - Redmond Aug 13, 16:43 2
  - [deleted] 1
    - And they have done news story upon news story here about people using it as a vacation. - Redmond Aug 13, 16:51
The disincentive is that your credit is ruined for seven years. - nubby, Astronauts champion Aug 13, 16:39 5
- [deleted]
- For 50K in loan principle wiped off the books forever, and a 2% 5 year fixed then 5.25% 25 year fixed. I bet you save more over the long run. - Redmond Aug 13, 16:42 2
  - Then by all means. -- nm - nubby, Astronauts champion Aug 13, 16:43 1
    - I am in all honestly thinking about it. I have consulted with several people in the business to see all the plus and minuses. - Redmond Aug 13, 16:45
- Unless the credit market is re-regulated, this - in some cases - means nothing -- nm - Beryllium (iPhone) Aug 13, 16:41

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My biggest issue is people that are paying their mortgage but struggling qualify for ZERO of the government low interest programs.

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