--- In AsburyPark@yahoogroups.com, "fancypaaantz" <[EMAIL PROTECTED]>
wrote:
>
> No, I was referring to Oak's post. I don't think it is intentional,
> but sometimes I read his post as very patronizing.
>
Sorry about that.
Read it for what it's worth - nothing but a comment.
You sounded upset about the value of your home and your commute.
People get to upset about what their home is worth vs living in it and
enjoying it.
Given your five year plan - at times it makes sense to rent vs. buy
vs. trying to guess what the future value of a home may be and what it
could sell for.
As for McCain's comments about adjusting values on mortgages
...He said, "I would order the Secretary of Treasury to immediately
buy up the bad home loan mortgages in America and renegotiate at the
new value of those homes, at the diminished values of those homes, and
let people make those - be able to make those payments and stay in
their homes."
The government would convert failing mortgages into low-interest,
FHA-insured loans.
"Millions of borrowers" would be eligible for the program, dubbed the
American Homeownership Resurgence Plan, according to McCain economic
advisor Doug Holtz-Eakin.
To qualify, homeowners would have to be delinquent in their payments
already, or be likely to fall behind in the near future. They would
have to live in the home in question - no investment properties would
be eligible - and have had demonstrated their credit-worthiness when
they purchased the property by making a substantial down payment and
by providing documentation of their income and assets - no liar loans.
---------------
I understand that it MIGHT help avoid bankruptcy and MIGHT help
maintain some housing market stability however it doesn't address the
real issues of what got us to that point.
The plan won't address the bs loans, the spec loans, investors. So
somoene who bought a house next to you may still go BK - what does
that do to the value of your home or your neighbors? What will be a
"new value".
And until we pay off our mortgages, we are all tenants. Even then, we
become tenants of the state via property taxes. We are just renting
our block and lot. Don't pay proeprty taxes and off you go.
Renting should not be seen as a negative.
I'll hibernate....
------------------------------------
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