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Delay the inevitable some more

By vain   Follow   Fri, 8 Jul 2011, 7:38am   1,922 views   29 comments
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http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2011/07/07/BUT61K7LTT.DTL

Troubled homeowners will soon be allowed to stay in their homes for 1 full year with no payments before the foreclosure process begins. And the foreclosure process is some 2 years long?

It shouldn't be too hard for them to extend it to 3 years, 5 years, 10 years, 30 years.

Homes that eventually do get foreclosed from this program will be in even worse shape. What homeowner would maintain a property that they're unsure of whether or not they will even get to keep?

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1. bubblesitter Follow Befriend (5) 10 threads 2,329 comments

   1   7:50am Fri 8 Jul 2011   Share   Quote   Permalink   Like   Dislike (1)   Anyone else here thinks that we are becoming a communist state?

2. vain Follow Befriend (2) 68 threads 876 comments

   2   7:55am Fri 8 Jul 2011   Share   Quote   Permalink   Like   Dislike (1)   I think I'm gonna go get myself an FHA loan. This is an awesome safety net.

3. FortWayne Follow Befriend (13) 103 threads 3,768 comments

   3   8:13am Fri 8 Jul 2011   Share   Quote   Permalink   Like (3)   Dislike   extend and pretend, our government officials have become experts at kicking the can down the road.

4. vain Follow Befriend (2) 68 threads 876 comments

   4   9:34am Fri 8 Jul 2011   Share   Quote   Permalink   Like   Dislike   At a mortgage payment of $1000/month, if an unemployed homeowner falls behind and can't make payments for 1 year; upon employment, will he/she be able to come up with $12000 to repay the 1 year worth of missed payment? Or will the interest be forgiven for the 1 year span? If this is the case, people will do the following: -buy property -make 1 payment -be unemployed for 1 year -make 1 payment -be unemployed for 1 year -make 1 payment -and so forth This benefit being on top of unemployment benefits... They're living the good life.

5. tatupu70 Follow Befriend (3) 15 threads 5,653 comments

   5   9:38am Fri 8 Jul 2011   Share   Quote   Permalink   Like   Dislike   vain says They're living the good life I never get this line of thinking. Being on unemployment is the "good life" Really?

6. vain Follow Befriend (2) 68 threads 876 comments

   6   9:44am Fri 8 Jul 2011   Share   Quote   Permalink   Like   Dislike   tatupu70 says vain says They're living the good life I never get this line of thinking. Being on unemployment is the "good life" Really? Getting something for nothing is better than spending $500 worth of your time to get $520. Reward to effort ratio is much better being unemployed. I don't think anyone here would turn down the offer to stop working and continue receiving their salary. But of course there is a downside to this. One would always be worried about what happens after unemployment runs out.

7. tatupu70 Follow Befriend (3) 15 threads 5,653 comments

   7   9:57am Fri 8 Jul 2011   Share   Quote   Permalink   Like   Dislike (1)   vain says I don't think anyone here would turn down the offer to stop working and continue receiving their salary. But of course there is a downside to this. One would always be worried about what happens after unemployment runs out. You don't get your salary when you're on unemployment. It depends on how much you were making, but you only get a fraction of it.

8. PasadenaNative Follow Befriend (1) 28 threads 288 comments South Pasadena, CA

   8   10:33am Fri 8 Jul 2011   Share   Quote   Permalink   Like   Dislike   bubblesitter says Anyone else here thinks that we are becoming a communist state? No, but it's a Fascist state!

9. vain Follow Befriend (2) 68 threads 876 comments

   9   11:28am Fri 8 Jul 2011   Share   Quote   Permalink   Like   Dislike (1)   tatupu70 says vain says I don't think anyone here would turn down the offer to stop working and continue receiving their salary. But of course there is a downside to this. One would always be worried about what happens after unemployment runs out. You don't get your salary when you're on unemployment. It depends on how much you were making, but you only get a fraction of it. I've never had to use unemployment. But I hear it's 2/3rds of your old salary and there are no withholdings. I'm sure there are many people out there that are willing to take 66k/year to pretend to find a job than to work their butts off and get 100k/year.

10. Dan8267 Follow Befriend (16) 769 threads 7,714 comments Boca Raton, FL Premium

    10   11:39am Fri 8 Jul 2011   Share   Quote   Permalink   Like (1)   Dislike (1)   Protected   They should extend this "protection" to renters. Why don't I have the right to three years of rent-free living in a McMansion with no negative financial consequences!

11. Dan8267 Follow Befriend (16) 769 threads 7,714 comments Boca Raton, FL Premium

    11   11:41am Fri 8 Jul 2011   Share   Quote   Permalink   Like   Dislike   Protected   What homeowner would maintain a property that they're unsure of whether or not they will even get to keep? Maintain? Hell, the lender would be lucky if the "owners" don't gut the copper wiring when their three years are up.

12. bubblesitter Follow Befriend (5) 10 threads 2,329 comments

    12   11:42am Fri 8 Jul 2011   Share   Quote   Permalink   Like (1)   Dislike   Dan8267 says They should extend this "protection" to renters. Why don't I have the right to three years of rent-free living in a McMansion with no negative financial consequences! Very sad. Responsible don't get much in America. This just violates fundamental rules of nature. America is destined to fail, if this goes long.

13. ¥ Follow Befriend 35 threads 5,700 comments Bellingham, WA

    13   11:50am Fri 8 Jul 2011   Share   Quote   Permalink   Like   Dislike   bubblesitter says America is destined to fail, if this goes long. We failed 2002-2007. This is just the aftermath.

14. APOCALYPSEFUCK is Shostakovich Follow Befriend (28) 171 threads 4,225 comments Premium

    14   11:52am Fri 8 Jul 2011   Share   Quote   Permalink   Like   Dislike   Protected   The banks are bankrupt. Admit it. Foreclose and honestly resolve the books.

15. ¥ Follow Befriend 35 threads 5,700 comments Bellingham, WA

    15   11:55am Fri 8 Jul 2011   Share   Quote   Permalink   Like   Dislike   vain says I've never had to use unemployment. But I hear it's 2/3rds of your old salary and there are no withholdings. No, it's much less than that and one should do Federal withholding, since benefits are taxable. I'm sure there are many people out there that are willing to take 66k/year to pretend to find a job than to work their butts off and get 100k/year. Actually, the max payout is reached at $45,000/yr income and it is $1800/mo, $21,600/yr. So you're off by a factor of 3 gross, 4 net.

16. woggs1 Follow Befriend 10 threads 81 comments San Bruno, CA

    16   11:55am Fri 8 Jul 2011   Share   Quote   Permalink   Like   Dislike (1)   I am a renter, so my tax dollars are going to pay someone else's mortgage who can't pay it. This will take more houses out of the market thus keeping housing prices higher than they should be in a free market. So in effect I can't buy a house at a reasonable price and I am paying for that through my tax money. What a crock!

17. corntrollio Follow Befriend (5) 27 threads 2,073 comments

    17   12:27pm Fri 8 Jul 2011   Share   Quote   Permalink   Like   Dislike   vain says They're living the good life. And then on top of that, they get huge sympathy from government and from the media when they cry and say "I'm losing my HOME." This is despite the fact that most of these people HELOCked themselves into debt and burned the money they received from cashing out. Why should we have any sympathy for them?

18. mdovell Follow Befriend (4) 28 threads 776 comments

    18   3:09pm Fri 8 Jul 2011   Share   Quote   Permalink   Like   Dislike (1)   There's been similar programs like this in Mass on the state level. If someone realizes this is just extra time they'll work and bank the money to leave as there's really no incentive for them to pay after living there free for a year. Now are the banks still going to pay the property taxes for these for that time or will they simply not pay it at all? Maybe this isn't in all towns but at least in Mass if you don't pay your property taxes (I think excise as well) then you cannot vote in local elections. If someone cannot vote and isn't paying taxes to the local government then you can kiss goodbye any real influence.

19. FortWayne Follow Befriend (13) 103 threads 3,768 comments

    19   8:47am Sat 9 Jul 2011   Share   Quote   Permalink   Like   Dislike   Write a letter to the president about your frustration with this crap.

20. FortWayne Follow Befriend (13) 103 threads 3,768 comments

    20   8:55am Sat 9 Jul 2011   Share   Quote   Permalink   Like (1)   Dislike   ptiemann says I received EDD benefits briefly and it came in at $950 every 2 weeks. I used to gross over $300k / year, which came to about $950 a day. Believe me, it's quite a change from $950 a day to $950 every 2 weeks. were you paying taxes on your entire 300k income? i remember you posted a while ago that you only pad 25k in taxes one year. Which probably means your declared income is much lower hence lower unemployment checks. My neighbor owns an auto repair shop. He declares less than half of his income on taxes, because of mostly cash transactions. But than goes to complain that he can't get a loan from the bank because they think he makes too little.

21. B.A.C.A.H. Follow Befriend (6) 5 threads 2,359 comments

    21   10:14am Sat 9 Jul 2011   Share   Quote   Permalink   Like   Dislike   EMan says mostly cash transactions Ah yes, cold hard cash. The Government-Financial Complex has ginned up American Consumers on using plastic cards with their brainwashing about convenience and all their silly stupid frequent flyer points or 1% cash back or other stupid silly perks. (Do you really think that putting welfare payments, food stamps, WIC, and other government checks onto plastic cards is really all about convenience?) Let's all raise a toast to cash.

22. corntrollio Follow Befriend (5) 27 threads 2,073 comments

    22   10:58am Mon 11 Jul 2011   Share   Quote   Permalink   Like   Dislike   EMan says ptiemann says I received EDD benefits briefly and it came in at $950 every 2 weeks. I used to gross over $300k / year, which came to about $950 a day. Believe me, it's quite a change from $950 a day to $950 every 2 weeks. were you paying taxes on your entire 300k income? i remember you posted a while ago that you only pad 25k in taxes one year. Which probably means your declared income is much lower hence lower unemployment checks. My neighbor owns an auto repair shop. He declares less than half of his income on taxes, because of mostly cash transactions. But than goes to complain that he can't get a loan from the bank because they think he makes too little. $950/2 weeks is the maximum from EDD in California. The normal maximum is $450/week, but with stimulus funds, there is an extra $25/week for $950. No state tax on this.

23. APOCALYPSEFUCK is Shostakovich Follow Befriend (28) 171 threads 4,225 comments Premium

    23   11:05am Mon 11 Jul 2011   Share   Quote   Permalink   Like   Dislike   Protected   Right on! It's CASH or Fuck You, America! Sybrib says EMan says mostly cash transactions Ah yes, cold hard cash. The Government-Financial Complex has ginned up American Consumers on using plastic cards with their brainwashing about convenience and all their silly stupid frequent flyer points or 1% cash back or other stupid silly perks. (Do you really think that putting welfare payments, food stamps, WIC, and other government checks onto plastic cards is really all about convenience?) Let's all raise a toast to cash.

24. ¥ Follow Befriend 35 threads 5,700 comments Bellingham, WA

    24   11:22am Mon 11 Jul 2011   Share   Quote   Permalink   Like   Dislike (1)   corntrollio says there is an extra $25/week for $950 was, that went-away in December since the economy doesn't need any more stimulus now.

25. ¥ Follow Befriend 35 threads 5,700 comments Bellingham, WA

    25   11:25am Mon 11 Jul 2011   Share   Quote   Permalink   Like   Dislike (1)   ptiemann says My frustration comes from filing unemployed in May and getting my first check mid-November, with no retro-active payments. if you applied in May 2009 your claim going into appeals was bad timing. EDD caseload doubled between 2006 & 2008: http://research.stlouisfed.org/fred2/graph/?g=14E

26. E-man Follow Befriend (31) 34 threads 2,554 comments San Jose, CA Premium

    26   11:34am Mon 11 Jul 2011   Share   Quote   Permalink   Like   Dislike   Protected   vain says Delay the inevitable some more Vain, This is purely political driven in my opinion. Removing the troops from Afghanistan in Summer of next year is also political driven although I like this. The politicians would do whatever it takes to get elected. Period. Between now and November 2012, the government would do whatever it takes to hold up the housing market as well as the economy. The fact that once a homeowner is 12 months behind on a mortgage, there is no way he would be able to catch up, and there is no freaking way that a lender would do a loan modification at that time. It is what it is whether one likes it or not :) ptiemann says It is sad to see them ask me for money week after week, always looking for a new angle. LOL!!! Our government is so freaking unorganized. I closed my corporation in 2008, and I still get paperwork from the franchise tax board and some other agencies on how I should file & pay my taxes, etc.

27. Done! Follow Befriend (4) 159 threads 2,826 comments

    27   12:06pm Mon 11 Jul 2011   Share   Quote   Permalink   Like (1)   Dislike   Unemployment tops out at $275 a week. Or at least it did when I was unemployed in 2002. The kick in the face, is next year, when you owe taxes on those wages. One would be far better off doing odd jobs under the table than being on the Social Dole.

28. FortWayne Follow Befriend (13) 103 threads 3,768 comments

    28   2:41pm Mon 11 Jul 2011   Share   Quote   Permalink   Like   Dislike   E-man says This is purely political driven in my opinion. Removing the troops from Afghanistan in Summer of next year is also political driven although I like this. The politicians would do whatever it takes to get elected. Period. Between now and November 2012, the government would do whatever it takes to hold up the housing market as well as the economy. The fact that once a homeowner is 12 months behind on a mortgage, there is no way he would be able to catch up, and there is no freaking way that a lender would do a loan modification at that time. There are some bailout programs out there. Some can get their mortgage reduced by a significant number. It is paid for by tax dollars.

29. corntrollio Follow Befriend (5) 27 threads 2,073 comments

    29   3:10pm Mon 11 Jul 2011   Share   Quote   Permalink   Like   Dislike   Troy says was, that went-away in December since the economy doesn't need any more stimulus now. Yes, sorry, I should have said that. I was explaining the $950/2 weeks figure mentioned above and why it's higher than normal. Troy says if you applied in May 2009 your claim going into appeals was bad timing. It depends. If you appeal a claim, it first goes through the internal process, which is slow and takes at least a month or two. However, after that, it can go to a judge, and gets adjudicated on the spot by the judge. A lot of people give up before this point, but it can be worth while.