being that my career, for 26 years, has been the CEO and president of a national real estate consultation and brokerage/trade/investment company, i know a LOT about mortgages. without looking at a book, i could, this minute, tell you of at least 13 different types of mortgages, but there are more, many more.
are any of you homeowners out there that have gotten the bank foreclosure notice also believers in the economic stimulus package that president obama promised to give to you to help you keep your home and to help you work so you can keep it? (did you really believe that his “change” was going to help you)?
please tell me, if you face foreclosure and you voted for obama for president, what factors of his promises made you vote for him? did you believe he could fix your problems? how so?
this is an article that will show you all, both homeowners not in trouble and homeowners in trouble, precisely WHO obama will help refinance his house, that house that the democrats told you to buy when you could not afford it to begin with:
i.e., for years and years on end, i watched some of my agent’s clients take on a 36% housing expense ratio (using 36% of their gross income per month to pay for the principal, interest, taxes, and insurance/assessments on a mortgage for a home, a/k/a “the PITI of a mortgage”) which i felt was too high, but they got through until their incomes rose so that it became a lower percentage of their gross income per month in order to buy a house with either no money down or with a very low down payment, but they are not facing foreclosure right now because they bought in the time period of the historical cycle of seller’s and buyers markets. that is this: 2 years of a seller’s market followed by 5 years of a buyer’s market, again and again and again. but now, prices rose for 8 straight years!
now, so many properties that were purchased by those of you that could not afford them from 2000 through 2008 are on the [foreclosure price] market right now, blocks and blocks of them as you walk down a street, boarded up so that squatters do not loot them to further erode their price (a/k/a “value”). and it makes me sick that you believed with your hearts that you could afford them by your working 2 to 3 jobs at one time.
lenders are now beginning to hold auctions of theses overpriced homes for those that can buy them with a 20% down payment–but you could not come up with that, could you? the mess all began in the democrat clinton’s administration, but many of you out there blame it on bush.
did you really believe that mr. obama would help you keep your house?
if you read the current news, you will find out that numerous banks that got a handout of billions and billions of dollars just before bush left office and obama was sworn in are going to repay their debt because they used that bailout money as investment capital on other investment vehicles than real estate in america, making all of it back by now, so quickly, because they don’t like the “strings” that obama has attached to that money, for instance, a cap on bank executives’ income. actually, they should have used it to refinance your loan if you face foreclosure, perhaps into a 100 year or more fixed rate mortgage, but they did not. they were not held accountable for what they did with our money.
and so i want to know, do you believe that mr. obama and his democratic congress are out to protect your interests? will the stimulus package that can “change” it all give you a job right NOW that will provide you with a gross income per month that will support your monthly payment of the PITI of a mortgage on that house that you bought, overpriced and under funded, up to only 31% of your gross monthly income? when will you get that job? will you get it after you lose your house? then what will you think of mr. obama’s “change?”
are you angry that obama’s stimulus package is actually going to put you out on the street? or do you still believe that he will “change” your life for the better?
who is the “we” that can and will help YOU?
again, read this. you will hear more of it in the media on TV in the next week or so: