As if the Government under Obama hasn’t spent enough virtual taxpayer money, the Obama administration announced a new way to help unemployed homeowners stay in their homes… Rent to Own!
According to a Reuters article:
Under one idea being discussed, delinquent homeowners would surrender ownership of their homes but would continue to live in the property for several years, the sources told Reuters. Officials are also considering whether the government should make mortgage payments on behalf of borrowers who cannot keep up with their home loans, tapping an unused portion of a $50 billion housing aid kitty. As part of this plan, jobless borrowers might receive a housing stipend along with regular unemployment benefits, the sources said.
Are You Willing to Sign Over your Mortgage to the Gov’t?
If you really sit back and consider what this new unemployment foreclosure plan means to people in trouble, it makes some sort of sense! For whatever reason you may be in danger of foreclosure, whether it was a job loss, not enough income, highly inflated housing prices, or any other number of reasons… many borrowers are in trouble and in real danger of losing the homes they have worked hard to keep!
This new proposed plan takes care of those notes by converting the homeowners back into renters, without having to upend their families! The biggest question we will have to ask ourselves, is if we are willing to sign over our homes to the administration!
How do you Feel about This?
2 responses so far ↓
1 Josh // Sep 12, 2009 at 8:45 pm
Love the plan I do not believe in borrowing money anymore. I t would be good for muslims to who do not borrow.
2 g-pop // Oct 15, 2009 at 12:32 pm
From what perspective are you looking at this equation?
Is it not the sqame has having a mortgage collector looking over your shoulder. If you miss a payment than you are in the same arena again. But this time they have no choice but to kick your butt out on your face.
There is no real short cuts for this delemia that the American people are face with. We left no room for mirganial error!!!
There is no room for mistakes or unforseen doubts, that lead to grave danger of becoming homeless. Where is the help that we so badly need. Every corporartion is looking to become stronger by all means necessary. No matter what the outcome or human lives that is destroyed in the process.
My question is “How do we reform something that we had no power to corrupt in the first place.”
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