reply to post by Echtelion
Obviousley you did not read my following posts. I did not say was against the guy. I just questioned the legality of it.
I think it is great he is helping tenants. Now if he was stopping all foreclosures I would be against it and here is why:
We take on an obligation when we buy a home.
We did not buy when the bubble was high despite all the doom and gloom that
said buy now or be priced out forever. We did not take an arm or buy in that market. When it crashed, we bought a home. We bought one we could afford,
not one the bank said we could afford. It is a small home 1200 sf, but its fine for us. It is still loosing value , but so what. I plan on being here
a long time.
It would cost me more to rent than my mortgage out here with all the people loosing homes, the rents have skyrocketed . Even if it did not, this is my
home, and we can afford it.
I live in Arizona where the crisis hit hard. Now Bush wants to come out with a new plan to help people that bought in this bubble, on arms to get a
new mortgage with a fixed rate at current values. So people who bought more than they could afford, and did the things the wrong way see no
consequences. So that means if I did things the wrong way, I could have got a house in a better neighborhood, and had the government fix it for me.
How nice.
A lot of the foreclosures here are investment properties. Better help them too.
All those that gambled. I did not gable, I bought a home to live in.
Now those that loose their home to jobless I understand. I am not talking about them.
You say I am not working class? How wrong you are. I am disabled from illness. My husband holds down the only job. We have a kid. I lost a house once
years ago when we first got married, because we did not read the contract. We lost 20k down payment. It was a mess. But it was our own fault.
I would not have expected anyone to save us.
So in summery, yes help the tenants out. Thats what he is doing, as long as that is all he is doing. When people sign a house contract they do it
knowing that the bank will take it if you do not pay. If its legal or not , they sign in knowing that.
Ama
[edit on 10-10-2008 by amatrine]