Mortgage Modification – How Obama is Making it Difficult
Posted: February 8th, 2009 | Author: admin | Filed under: Uncategorized | 1 Comment »
Mortgage modification is something many Americans would like to do, but our president is going to make that very difficult. President Obama ran on the platform that he loathed lobbyists and would not let them run Washington. Well, the home builders have proved that wrong by hiring the right lobbyists to change his mind. It now seems almost a lock that we will see a builder-bill passed as part of the stimulus package. The lobbyists have worked very hard over the last three months to get both the Republicans and Democrats in their hip pocket so they can get the money to keep the home builders afloat. This is going to make it VERY difficult for current homeowners in America.
The problem with the housing market is not that the home builders need to be bailed out to build more homes. The opposite is actually true. The inventory levels in some major cities are the highest they have ever been. Why should the taxpayers pay for the home builders erecting too many homes too quickly. Let those that did this fail! If they fail, the strong will survive and new, more financially sound home builders will take their place. Unfortunately, President Obama and the current administration are not going to let that happen. That means the home builders will be propped up for a few more years until they eventually fail because of their horrible business decisions.
This means that it is going to be even harder to get a low mortgage rate as these homebuilders will see funds elsewhere and will not be forced to offer rates like 3.99% that Toll Brothers has done. Thanks a lot President Obama and staff. Just what we needed, more houses being built in America.
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I have a $71.000 bal on a $100.000 orig 15 year loan done 6 years ago with citi bank orig loan was also with Cite for 4150.000 in 1990 when i=I purchesed the home.My home at present day appraisal is $465.000, 20 years old, 3400 sf, just done a month ago. 755 credit score, $60.000 to $70.000 a year income, retired. This past year spent $110.000 on home improvenent remodled the kitchen ,dinning room, tile the floors and interior paint finished in Oct 08. I would like to take out a $225.000 loan, 30 year loan and naturly low interest to pay off the $71.000 to citi and bank the bal. my interest with Citi is 4 1/2%, 767.00 a month payment. I am not in any way in default of any loans or payments I have the equity in my home I have a condo rental that has a $1600. a month income in Laguena Neguel Cal value 300K to 350K, payed for, stocks 100K, with a dividend of 10K a year 800 a month, and an internet business that brings in net $1500 to 2K, 5K aprox 6K gross every month. S/S $2500. a month
Thank You
Mel Cohen
951-789-1033