Forum Post: Help for unemployed Indiana homeowners to pay their mortgages
Posted 13 years ago on Oct. 20, 2011, 10:47 a.m. EST by spencertracey
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Regarding the program in Indiana for actually bailing out homeowners behind on their mortgage.
Maybe I’m wrong by saying this, but let’s assume something here. This seems like a good idea and what the feds should have done instead of bailing the banks out. My reason is the banks were failing mostly because of bad housing loans. So the feds bailed out the banks and took on bad mortgage debt (Fannie and Freddie). This left millions behind and under water which caused massive foreclosures which further helped to burst the housing bubble. Not to mention that it left a lot of families out in the street. Ok, assume the feds bailed out homeowners instead. This allows people to keep their homes and allows them time to find new jobs, while feeding money into the banking system which helps ease their loses. More bankers keep their jobs in the mortgage sector, and the foreclosure rate drops which helps ease the housing price decline. The same bailout money saves the banks, the homeowner, and the housing market, which would have stopped the second (possibly third) wave of foreclosures we are currently seeing now. A faster housing recovery would have been the result and most Americans would be sitting better financially right now, spending more and there are your jobs. Instead the money went to rich bankers who are now holding that money and not putting it back into the system to get the country started again. Who is running this show?
A judgement for foreclosure has already been entered on our home here in Anderson, IN and the atty representing the mortgage co. has asked for a sheriffs sale date all while our mortgage is supposedly in modification review. I would like to know exactly what this means? The mortgage co tells us that it can still be worked out, our HUD credit counselor says the same thing. How can it still be worked out if a judgement has already been entered and the only thing left to do is enter sheriffs sale date??? We had a "forensic Audit" done on our FANNIE MAE backed loan which revealed numerous violations, however, we can't get any atty to do anything for us without $ up front. It baffles me. We wouldn't be in this situation if we had the money, if we had the money to pay an atty we wouldn't be behind on our mortgage. To top it all of my husband lost his job of 8+ yrs on Nov 3, 2011......icing on the cake I guess, well maybe they would rather pay out more Unemployment and Food Stamps than help people keep their homes and jobs....The Fedreal Reserve and all its coherts are out to enslave everyone they can and this is how they gain control. Greed, Selfishness, Piety, Egotism,....
The housing market is the sole reason for overhead in the economy. It is the reason that frivolous jobs have to be created so that people can earn money. It is also the reason people have to work over 40 hours a week and also the reason that they can't stop to breath, even if they want, and so on and so on. It's just a trap. Housing is a trap. Get rid of rent and payments or reduce them to a liveable amount. Start trading goods for goods, not goods for houses. When the musical chairs get full, I will gladly build my own house and even my own furniture. It would actually be a great thing for me, since my house would be designed my way. This housing shit has GOT to stop though. Why are we paying for it in terms of divorces and broken families? I just don't understand how economic policy can fuck up people's personal lives so much. Yeah, I know, people are afraid of change and, if you're like my parents, anarchy. (They're crazy though. Religion really infected their brains). So, I just don't understand how this all could be fixed without a radical change in mindset of all Americans.
Where can I send my money to pay for their mortgage?