There is no money to be SIPHONED off.... The powers that be will/would NEVER go for it.
On Jan 19, 2:52 pm, VT Sean Lewis <[email protected]> wrote: > Fixing the Housing problem 101 for dummies. > > Sean Lewis > January 19, 2009 > > point of order > This needs NO FUNDS FROM THE GOVERNMENT! WE ARE THE INSURERS OF THE > LOAN IF IT SHOULD FAIL. > > Hi, Mr. Loan officer I am about to be foreclosed on my home can we > renegotiate my monthly payments. > > Yes Mr. Home Owner we can with this government backed program. > > You understand sir that you are relinquishing your ownership of your > home, however you will be able to remain living in your home if you > can afford the new payments. > > Also Mr. Home Owner you will have the right to buy your home back at > the new adjusted price for the next 2 years, and at market price for > the next 3 years after that. If your home is purchased after these 5 > years have passed you may have to move out if this is what the new > owner wishes. > > I understand Mr. Loan Officer. > > OK, you are paying on a $100,000 mortgage at a rate of 7 1/2%. We will > adjust the loan to $70,000 at a new rate of 4%. > > This will reduce your monthly payments from $845.27 > to $436.27. Can you afford this? > > Yes I can and it will allow me an opportunity to become fiscally sound > again. > > I know I am now a renter with the option to buy, but at least the home > will not be foreclosed and I will be able to stay in my home. > > Good, Mr. Home Owner, let me verify your income, fax the paperwork to > 'TARP PROGRAM' and next month you will be paying your new monthly rent > > Ring Ring Ring.... > > Hello Mr. Homeowner on processing your paper work we discovered you > bought your home in 1998 and have $15,000 of equity in your home. We > will give you credit for this. > > So now this will reduce your loan to $55,000 and your monthly rent > will be $342.79. Can you afford this? > > The total amount of paper work? One page. > > This was a scenario of how this plan below would be done. > > you can not afford your home. > > you go to a the holder of the loan and you cut THIS deal. > > With government backing you negotiate a new monthly rent based on a > month mortgage at 70% of 2003 market value. > > You now have the ability to save money and stay in your home. > > This home now does not go on the market as a short sale foreclosure at > below market price. > > The renter now has two years to save up the 20% down payment and get > their finances back in order. > > If the renter can not, they have five years to buy back the home at > the market rate or the new valuation, which ever is greater. > > At 5 years the financial institution offers the home at market value > to ALL buyers. > > During these 5 years the financial institution is collection rent, and > at the sale of the home they will also get cash for the home. > > So this stops ALL foreclosures IMMEDIATELY that are not created by a > job lost or bankruptcy. > > The idea is to stabilize the market and keep people in their homes, as > renters paying into the financial institutions or future home owners > once they get their finances back in order. > > Remember this is just the FIRST leg of the solution, getting the > economy back on it's feet is the other. This is why there is a five > year period while jobs are brought back into the country and domestic > GDP growth is created again through internal organic growth and > synergies. > > I believe this will stabilize and slow down the falling prices so that > deflation will end and the cycle will begin again. > > Which is better, shaving 30% off the value of the home and keeping the > existent owner in the house as a renter for 2 years with the > opportunity of buying back their own home in 2 to 5 years? keeping > this foreclosed property off the market for 2 to 5 years to help stop > deflation. > > Or evicting the family, and having a property empty with no revenue > coming into the financial institution and one more property > contributing to the deflation of home prices by being offered far > below the surrounding homes and NEW homes being built. > > This will fix the housing problem, however with 10 months of inventory > on the market the effects will not occur until the inventory is worked > through. > > Also this needs NO FUNDS FROM THE GOVERNMENT! WE ARE THE INSURERS OF > THE LOAN IF IT SHOULD FAIL. --~--~---------~--~----~------------~-------~--~----~ Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum * Visit our other community at http://www.PoliticalForum.com/ * It's active and moderated. Register and vote in our polls. * Read the latest breaking news, and more. -~----------~----~----~----~------~----~------~--~---
