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I can’t pay my taxes, will I get a reduction in my taxes? it’s very similar notion to paying a mortgage but the benefit is you get a deduction and now reduction in monthly payments … what a deal!
On Patrick.net since 2008
Yup, I am a "distressed taxpayer" too - I need a bailout!!!
klarek
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2011 Mar 17, 10:58pm
I have some sympathy for those people. banks have been bailed out now it’s time to help average homeowners.
The "average" homeowner isn't underwater and doesn't need any help. The ones you're describing don't deserve any help. We've gone overboard subsidizing stupid and expensive purchases. To continue to do so or to step it up would not help our situation at all, and is immoral.
renters are not really screwed because they’re able to buy a house at prices from 10 years ago.
So what? Prices will fall anyway. Suppose that it drives prices below fundamentals, investors will just scoop them up. So what's the point? What if those underwater people DON'T sell their houses? What if in ten years they sell for a nice profit and get to keep the money you're advocating should be written off of their principal balance. How is that fair?
Most deadbeats walked away by now anyway.
Contingent upon those who haven't walked away yet not earning "deadbeat" status? Where do you even come up with this conclusion?
What's your real reason to see something like this happen?
FortWayne
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2011 Mar 18, 12:32am
Yup, I am a “distressed taxpayer†too - I need a bailout!!!
me too. why the hell am I paying taxes to bail out some who can't manage their finances?
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Now that the strategic defaulters and short sellers are out of the system generally the only ones left are people who did the right thing and are now getting their bail out.
This seems like a fair deal.
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NEW YORK -- The Obama administration is seeking to force the nation's five largest mortgage firms to reduce monthly payments for as many as three million distressed homeowners in as little as six months as part of an agreement to settle accusations of improper foreclosures and violations
http://www.huffingtonpost.com/2011/03/16/obama-administration-modify-mortgages_n_836350.html
#housing