You see this? See this? Now this is how you buy a house...
California made two other changes to accommodate lenders and homeowners. Banks will now get 100 percent of the write-down money in the first year, not in three installments. Secondly, homeowners will not have to pay back the money if the home is sold at a profit - provided they make their payment and stay in the home for five years.
This is a far cry from this statement Obama made in April in 2009 in Phoenix: "So this part of the plan will require both buyers and lenders to step up and do their part and to take on some responsibility."
The Hardest Hit fund was signed to help those markets where a majority of homes for sale were actually underwater. As of December 31, just 3 percent of the $7.6 billion had been spent, and housing prices in most markets have already begun to recover. Nevertheless, the federal government is not recalling the money.
I wouldn't be surprised if those very people came here posting telling everyone else about the virtues of renting for life.
Don't buy a house young people, because you're too goddamn stupid, leave it to the Pros.
I would think many renters and loan owners feel cheated.
True, it's a sweet one heist deal with a credit downgrade for those who are 'eligible' and choose to do so (not taking values into the equation here), no rent / mortgage for years, just pay the property tax, and then get the principal cut.
And U don't have to pay them back if you make a profit after first living rent free for years squatting, then getting your principal cut, then just paying the mortgage for 5 years, as if it's some sort of option.
Clearly! This is proof the housing market has bottomed, lol