Who Does The Housing Bill Help? Join the Discussionby Tim Manni
We invite you join an interesting discussion concerning the Housing Rescue Bill. Readers have been debating over who benefits from the Housing Rescue Bill, and who’s going to end up paying for the relief. Is this bill a savior to homeowners on the brink? Or, is it another bailout for irresponsible borrowers?
Rural communitees need help just getting families into houses under $75,000, not helping someone pay for there $325,000 home who has over $10,000 in credit card debit. Wake up American’s be responsible, the free ride needs to be over. Our country is in debit and I would like to see it get out before my children are adults.
Hey Sue, what would you do if your $75K home suddenly lost 30-40% of it’s value in a matter of a few months? Dropping property values erase one’s abilities to do the responsible thing when they can no longer afford their home ie : sell, or refinance. The impact of millions of displaced homeowners, loans gone bad and abandoned homes is more than enough to justify this bill I assure you.
Jhem, before you even bought your home, you knew what kind of income you bring in annually and received an estimated monthly payments for your housing. The value of your home going down has no relationship to you making payments. Your mixing two different issues…
Like Sue said, this is helping out all those that weren’t responsible enough to wait until families had enough funds to purchase a home within their means. And this means using proper ratios of 25-30% of their income to match the housing payment, not higher.
I totally agree w/ Sue. I moved to another city (I’m single childless hardworking female) so tried to sell my house in my old city with no luck unless i wanted to lose $50,000.
But the reason my house depreciated in value by $50,000 is because of all the foreclosures on the market of people wanting to live in $400,000 houses making $50,000/year.
So to J-Hem my house has lost 20% in value and I’m not in foreclosure!!!!
Let us know what you think, read and comment on: Housing Bill, What Consumers Need to Know.