patrick.net

okay let me elaborate on my own post -

"Huh?" as in "They are PAYING people to short sell a house?" As if getting out of the mortgage for much less than they owe isn't incentive enough?

Am I in crazy land???

I don't see this as a bad thing. Right now many people are living rent-free in their homes waiting for the bank to foreclose or their loan re-worked. The gov't is doing everything they can to keep people in their homes. What they really need to be doing is freeing up inventory by getting people out of their homes so that those of us who can afford them at reasonable prices can buy.

All I would like from my short sale in '08 is to not be sued one day (1st paid in full, 2nd got 100K out of 200K).

I wasn't astute enough to negotiate this when the house sold, so I'm just waiting for the process server at this point... credit life on hold with no incentive to save since it could one day be taken away. And when he finally shows up one day, I'm off to BK court to further postpone my return to economy stimulation for seven more years.

From the article:

Under the new program, the servicing bank, as with all modifications, will get $1,000. Another $1,000 can go toward a second loan, if there is one. And for the first time the government would give money to the distressed homeowners themselves. They will get $1,500 in “relocation assistance.”

This is probably another one of these idiotic idea from the govt. People are talking about 100K+ under water and they give you 1500 to vacate your home. The banks already do that. Whats new? Oh! Its an election year, I forgot.

Hey, an idiotic idea for a bunch of idiots. It just might work. :)

Afterall, an $8k carrot is enough to get people to spend up to $800k to buy a house. Cash for clunkers. Cash for caulkers. You don't have to pay people much to do dumb things in this country.

camping says

Hey, an idiotic idea for a bunch of idiots. It just might work.
Afterall, an $8k carrot is enough to get people to spend up to $800k to buy a house. Cash for clunkers. Cash for caulkers. You don’t have to pay people much to do dumb things in this country.

Well said, I cant rationalize any of this. Its the sane reason why you shouldnt buy makes people buy. Realtors scaring people that interest would go up pretty soon, isnt that reason you should stay away? 8K carrot for 800K house, wouldn't you save more than that just by going with redfin. Unbelievable, anybody with half brain would see through all this. Oh well, I am just another loser who will be left out forever.

"And when he finally shows up one day, I’m off to BK court to further postpone my return to economy stimulation for seven more years."

Before you do that, be sure to max out your credit cards. They got some nice tvs in Best Buy. Buy them by the dozen :-)