Your Questions About Foreclosures |

Your Questions About Foreclosures

Your Questions About Foreclosures

Carol asks…

Who is really behind the sub-prime mortgage bailout,?

If you thought Hillary Clinton’s government takeover plan for health care was bad, wait ‘til you see what she has in store for the housing sector. As always with the Clintons, the market is the problem and Big Nanny is the solution. Unfortunately for taxpayers, Hillary has bipartisan company in the Bush administration on this issue. Their election season prescription? Rewarding bad behavior. Punishing responsible behavior. Doing more harm than good.

In case you’ve been living in a cave, there’s a painful credit crunch underway. The culprit is the subprime mortgage — a species of risky home loans to buyers with dubious credit and income. Cash-rich lenders doled out the subprimes hoping rising home prices would compensate for any failed bets. But when housing prices started plummeting and interest rates began rising, many borrowers started defaulting. Insolvency looms for countless lenders.

Instead of letting lenders and subprime mortgage-holders suffer the consequences of their actions, politicians and grievance-mongers are riding to the supposed rescue. In a supreme irony, the very same champions of the needy in the Democrat party who complain constantly about the lack of “affordable housing” are now fighting tooth and nail to keep housing prices high.

To “cure” the housing crisis, Hillary wants a 90-day moratorium on foreclosures for homeowners who default on subprimes. In addition, she wants a five-year freeze on the monthly rate for subprime adjustable mortgages. While she demonizes lenders as predatory out of one side of her mouth, the other side of her mouth is floating legislation to protect lenders from lawsuits and let them convert certain mortgages into “stable, affordable loans.” On top of all that federal meddling, she proposes a $5 billion — yes, that’s “billion” with a “b” — fund to “help communities suffering from high rates of foreclosures.”

Jesse Jackson is also stirring the pot. With subprime victim sob stories flooding the news and anecdotes of minority homeowners in trouble, there’s no way the shakedown king could stay away. But the subprime mess isn’t a result of ruthless racial discrimination. If anything, it’s the result of too little discrimination by lenders too willing and eager to sign on people who had no business taking on mortgages. (And you know Jesse Jackson would be screaming either way. The lenders are damned if they lend and damned if they don’t.)

Let’s boil this down to fundamentals: Why should the rest of us have to shoulder the burden because some buyers made poor choices, overextended themselves, and bought more house than they could afford? Why should other business owners bear the costs of lenders’ failed bets? And why are falling home prices such a catastrophe to be “fixed” in the first place? Sacramento Bee columnist Daniel Weintraub put it well: “It is great news when the price of energy, food, transportation, health care and consumer electronics drops. But for some reason it is bad news when the price of shelter drops. . . . Shouldn’t we be seeing stories filled with anecdotes about formerly priced-out middle-income families finally getting their chance at the American Dream?”

There’s another side of the housing crunch equation that’s not making it onto the newspaper front pages and presidential campaign websites. “For every house sold because the buyer couldn’t make the payments,” Weintraub notes, “there is a buyer on the other end of that transaction who got a good deal. And for every foreclosure, there are probably 10 buyers of nearby homes who benefited from the general easing of house-price pressure.” Bingo.

Fiscal conservatives ought to be balking at HillaryCare for housing. But President Bush’s treasury secretary, Hank Paulson, is singing a similar tune. He proposed a new safety net to stem the tide of home foreclosures through a bailout plan for homeowners with bad credit scores. They’d be eligible for relief from paying hundreds of dollars in additional monthly payments when their mortgage rates reset. Those who have been responsible enough to maintain good credit, however, will be out of luck. In addition, Federal Reserve Chairman Ben Bernanke has proposed that government-sponsored mortgage enterprises Fannie Mae and Freddie Mac be allowed to raise their loan limits and have their debt explicitly guaranteed by the public dole.

Lawmakers on both sides of the aisle are colluding to protect the reckless and keep home prices high on the backs of prudent taxpayers. Who’ll bail us out from this perversion of the American Dream?

Your Questions About Foreclosures

The Expert answers:

Well defaulting on loans helps no one. All those people would be homeless and that will cost the taxpayers billions too. The only thing to do is to freeze the rates and allow the homeowners time to repair their financial woes. I hate the idea as much as the next republican, but in light of what has happened freezing the loans is like closing the gate after most of the cows got out. A little help but should have never opened the gate in the first place.

Your Questions About Foreclosures

Michael asks…

will private colleges get hit by budget cuts?

as things for us americans in the usa, will heald college get some budget cuts?

what is the article saying..
Report: 10 states, including California, face looming budget disasters
Print this Article Email this Article Text Size: A | A | A
November 11, 2009 10:23 AM
SACRAMENTO, Calif. (AP) — California’s ongoing fiscal crisis has attracted national attention, but a study warns that nine other states are barreling toward similar economic disaster.

A report released Wednesday by the Pew Center on the States says Arizona, Florida, Illinois, Michigan, Nevada, New Jersey, Oregon, Rhode Island and Wisconsin also are at risk of fiscal calamity.

That could mean higher taxes, more layoffs of government employees, increasingly crowded classrooms and fewer services in states that account for more than one-third of America’s population and economic output.

Most of the states face rising unemployment and high home foreclosure rates, and their revenues have dropped by double-digit percentages.

The analysis urges lawmakers and governors to take quick action to prevent economic catastrophe

Your Questions About Foreclosures

The Expert answers:

Heald College is a proprietary school according to its website. That means that it tries to make a profit from student tuition fees, rather than government funding. Usually, proprietary colleges have poor reputations, but Heald has been around for a long time, is regionally accredited (the best undergraduate accreditation) and probably has a better reputation than most other proprietary colleges.

The fiscal impact which I see on it is that due to the recession, fewer students may be able to pay fees to attend and that course offerings could be cut. However, this is pure speculation based on deductive reasoning.

Your Questions About Foreclosures

Mark asks…

Does anyone know if I can still buy a house in the Sacramento area with a poor credit?

I am from Sacramento and looking for a home but don’t want to rent, just lost my house to a foreclosure but can afford a new house and would like to buy one.

Your Questions About Foreclosures

The Expert answers:

Why don’t you look at a rent to own option or a lease option, I know this company Vienna Holding Corp sets up deals like that a friend of mine went through them and was very happy.

Your Questions About Foreclosures

Sandra asks…

The bank rep for the house I rent that went into foreclosure changed the locks on us!?

I rent a house in Sacramento, CA and it went into foreclosure and the bank rep came last week and walked into the house without notice and changed the door locks! My pregnant daughter was there and started to flip out and told him to get out and he said he can do anything he wanted! They changed the door locks and put a lock-box on the front door.

She called 911 and they left and we then broke the lock-box to get the key. The bank rep then called the police 3 days in a row stating that we broke into a vacant house. The police came 3 times and we had keys to the door and a lease, so they left.

Now a week later we were gone for the weekend and come home to find that the door locks were changed again and we can’t get into our house!

I looked this up and it is highly ILLEGAL! What do we do? What charges do we file? I’m thinking Breaking and Entering and Harassment.

Your Questions About Foreclosures

The Expert answers:

Just find a decent lawyer that will take care of it all. I’m sure whoever you get with get you everything you want or need. Time to find another apartment, the ability to stay where you are till the end of your contract with the original person, or maybe if you are lucky somewhere nicer for the same price with no new deposit.

Your Questions About Foreclosures

Maria asks…

What do u think “Tent City” Rapidly Growing in Sacramento, CA?

SACRAMENTO (CBS13) ―Sacramento‘s homeless rate is rising fast. With more foreclosures, jobs lost and full shelters, all you have to do is walk downtown or cruise the American River and you’ll meet people who are homeless for the first time.

Click HERE to see photo gallery: “Tent City” Sacramento, CA

The sea of tents along the American River is hard to miss, and their number is growing.

“Anywhere from 20 to 50 people a week is showing up out here that just became homeless,” said Steve Kruse, a homeless man. “There are shelters, but they’re filling up so fast.”

Many of the men and women in the tents lost their jobs and then their home.

Robert Booker was laid off after working four and a half years for a Sacramento property management company, but managed to snag an open spot in a shelter. The tent he was setting up near the river was for his friend, but he is concerned he will end up there as well.

Sacramento Mayor Kevin Johnson knows the crisis is growing. As foreclosure and unemployment rates skyrocket, the homeless rate is now on the same track. From 2007 to 2008, Sacramento County’s “new homeless” rate rose a whopping 15 percent.

The last count showed the number of homeless with no shelter at all up 26 percent. That’s 1,200 people living on the street or in a car.

Mayor Johnson says the new homeless plan he’s working on may include a regulated tent city. “I can’t say tent cities are the answer to the homeless population in Sacramento, but I think it’s one of the many things that should be considered and looked at,” he said.

Kruse says the public should consider who could be next to face that situation. “Prepare! Don’t turn your back on us today, because tomorrow, you’ll be living next to us,” he said.

“I’m seeing families out here,” Kruse added. “A lady walking down here yesterday with two babies and a stroller, and she asked did anybody know where she could stay.”–Rapidly-Growing-inSacramento/3975097
And advoactes for illegals feel illegals are far more important than their own citizens,why is that ???

Your Questions About Foreclosures

The Expert answers:

Now, now. If Obama hears you he will presume you three are in some sort of conspiracy against his administration.

I would bet they are not on the charts. Particularly Las Vegas. Las Vegas was literally built by the illegal aliens, and they have a whole lot of houses out there and empty. A couple of friends say they are considering dozing them under. Others want to use them to house the homeless. But Vegas and Sacramento had a lot of illegal aliens and now they are in some deep kind of trouble.

Obama put money into the economy and choose the trickle down option. If he had chosen the trickle up theory, I bet we would have done fine.

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Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures

Your Questions About Foreclosures

Your Questions About Foreclosures