How does bailing out the big guys helpus now?
My home is in foreclosure. I thought the national bailout was for us. What happenned to that?
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There is no such thing, don’t wait on one either. call your banker and get his best deal, they may refinance at a reduced rate, doesn’t hurt to ask. Depending on what you stand to lose will determine whether refinancing is worthwhile or not but give it a try.
The “guys” who got us into this mess are now the same “guys” who are going to save themselves and their “buddies” BUT not the rest of us.
there is one tough question you have to ask yourself:
1. can i afford to stay in my home even at a reduced mortgage payment (assuming you have a good and stable job)?
If you do not have a good and stable job…short sale
If you do have a good and stable job and really want to keep the home then call the lender and ask them for LOAN MODIFICATION.
You can read more about this and other options in my book “FIND THE MONEY IN IT OR THE WAY OUT” at http://www.findthemoneyinit.com
hope this helps
You bought a home you couldn’t afford. You had some undeserved good times for awhile in that home and now they’re over. Now everyone collectively via bailouts is paying for your good times in that home you couldn’t afford. Helping the big guys helps to grease the wheels of commerce in a much bigger and more immediate way than helping you would. … So far. Start shouting for housing more along these lines http://www.bccondos.ca/forums/viewtopic.php?p=1407#1407 and you and those like you might yet be OK.
The funny thing about governments, part of the original 700 billion was to be used to by toxic assets i.e. subprime mortgages but the government after giving hundreds of millions to AIG, and banks decided it’s not in the government’s interest to buy toxic assets
i know how you can save your home, i was in the same situation and now my home is out of foreclosure and i can finally afford it again! please email me for more info on the company that pretty much saved my life
The bailout is only for the fatcats. You need to take things into your own hands. My aunt used a loss mitigation company to “redo” the terms of the loan at an interest only payment at 3.5% for 4 years. The company did some arm twisting with the bank to get them to accept these terms to avoid a foreclosure. She went through the free evaluation form at http://www.totaldebtsolutionsllc.com and a rep called within 24 hours. Best of luck whatever you decide
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