I lost it at work today.

Originally posted by NateNute
You have to pay that money back over a 15 year period if you are a first time home buyer and choose to receive it. I think you have to wait to file for tax returns though. I actually plan to do this myself for my family is struggling very hard financially right now.

[edit on 20-2-2009 by NateNute]

No, you don't have to pay it back under the new stimulus plan. I know because we missed it by a month - we have to pay our first time buyers loan back. My wife is mad that we missed the new plan, but honestly, I feel better about paying it back.....that's how it should work!

My wife is also mad because she has to sit and listen to a girl she works with who is 24, earns less than my wife, is single, and is buying a HUGE house with three bedrooms and two bathrooms that she SHOULD NOT BE ABLE TO BUY It's sickening.

reply to post by badgerprints

I think the OP might be trying to say that the problem here is everybody seems to think they deserve a free ride.

This what I'm trying to say. I don't have much, but i've earned everything I have. I don't have credit cards. I don't have a house to leverage things with.

What do I have? I have truck that i pay payments on. That's it. I've drove nothing but pieces of crap vehicles my whole life. I finally earned enough money to be able to afford one.

But, oh wait, I could have bought a house and leveraged everything on it and be in the same damn place so many people are.

I PLAYED BY THE RULES.
I live within my means and I am being punished for it because everyone else thinks they are entitled to having a house, a car, a job, etc.

You work to earn these. These are not supposed to be given to you. You have to get up off your ass AND DO IT YOURSELF.

I have a kid on the way.

I don't have a house. I don't have 2 shining vehicles in the driveway. I don't have a huge stereo system. I don't even have a damn dog.

AND YOU KNOW WHAT>>>>I DON"T CARE THAT I DON"T HAVE THESE THINGS.

What do I care about??

THAT MY KID IS FED AND HAS A BETTER OPPORTUNITY THAN I DO.

And thanks to everyone out there with their hands out that are DESTROYING that opportunity.

This country has lost it's morals and principles.

Some out there are no better than the corrupt and greedy politicians that are supposed to serve us.




[edit on 20-2-2009 by David9176]for spelling

[edit on 20-2-2009 by David9176]

Hmm I must be a thief then.

Australia has had a $7000 first home buyers grant for several years now and only just reintroduced another $7000 for building your first home. Stealing?? I don't think so, it's supposed to stimulate the building and construction industry which then flows onto other industries.

My state government also waived stamp duty as well for first home buyers, which for me worked out at just over $10,000.


$17,000 makes a lot of difference you know. Even if it covers the deposit, which for most is what stops them from buying a house.

If your workmate can afford to buy a house and has a secure job, NOW is the best time to do it.

So I think your outburst is uncalled for, really.

Poor guy

reply to post by sickofitall2012

I was just saying to my work mate this morning, where in the constitution or bill of rights does it guarantee everyone the American dream of a house and car? NO WHERE!!!!!!!!!!! It says the PURSUIT OF HAPPINESS, pursuit meaning- YOU HAVE TO WORK FOR IT!!!!!!!!!!!

EXACTLY!!!!!

You earn what you get. What happened to people in this country?

It's not wonder the country is trillions in debt. No one cares...they just want more.

If you take the money, and sell your home, in the first few years, you have to pay it back.

It is a joke anyway. It is to help the banks not the people. The mortgage brokers are figuring a way where they actually receive the money, not you.
They make it part of the down payment, etc.

The did not even make it for the entire year of 2008. I was one of the people that missed out on it by 6 weeks . What other legislation like this does not count for the entire year? I bought during the downfall, but it has not been make retroactive.

The new housing plan that just been announced, will give two options.
You can have your home appraised for current value, to lower your payments, and at 4 percent. Or you can amend your mortgage to where you do not pay more than 31 percent of your monthly income.
The kicker? You have to be in foreclosure and freddie and fannie mae loan.

So AGAIN , no help to those who did things rite!
We did not buy during the boom. We bought what we could afford with a traditional loan. My house value has lost half in the year I have lived here.
I would have done better to buy an interest free loan during the boom,
and got to live in a nice neighborhood, compared to this crappy place,
and now would be able to refinance to current value and stay there.

It really sucks. They reward people that were greedy and did not do this correct. Im sick of it. There is a foreclosure next door selling for 42k, the other neighbors house just sold for 50k. You can imagine what my property value is now. Now they will only let people that had bad loans refinance to current value. I am stuck here, in an over priced small home, and hour and a half away from the city, and did things the rite way. It makes me sick to my stomach. Why does the guy who could not afford his house to begin with get to keep his home? How as* backwards is this.

reply to post by David9176


David, what do you do for work?

Ah, seems I'm referring to those of us who bought before Dec. 31 08 and After April 08. 7,500 interest free loan that has to be paid back.

Heres a thread on the credit thing.
www.abovetopsecret.com...

reply to post by NateNute

Ah, seems I'm referring to those of us who bought before Dec. 31 08 and After April 08. 7,500 interest free loan that has to be paid back.

I also know of a married couple that did this.

They actually had already been EVICTED and foreclosed on another house. How did they buy again?

Put it in the wife's name.

Great right?

reply to post by David9176


I agree with you 100%! This will lead to more sales of homes to folks that can't afford them. You can only circumvent the present credit system we have established before it collapses on itself.

This reminds me of the late 90's when the Democrats pushed Fannie Mae and Freddy Mac to give more home loans in a push to get more Americans in their own homes. Many bad loans were made and it helped land us in our present situation. Short term fixes often cause long term problems.

reply to post by slicobacon

I agree with you 100%! This will lead to more sales of homes to folks that can't afford them. You can only circumvent the present credit system we have established before it collapses on itself.

Exactly.

I just don't understand why people feel that life is better with a house. It's great to have one, but it's just another thing. As long as you have a roof over your head you should be happy. As long as you can eat you should be happy. As long as you can clothe and feed your kids you should be happy.

You work in hopes of giving your children a better future than you had.
It's not about how much junk you have. No one cares anymore.

This is what it should be about.

This country has lost that....it's gone.

reply to post by David9176


I get what you're saying, but it is honestly none of your business if he wants to buy a home right now. Be angry about the "free" tax payer money, sure. Tell him he's part of the problem if you feel like it... at least that's your business because you're one of the millions who's being robbed from by Obama to pay for this. But if he wants to purchase a home right now, it's his risk and his business... not yours.

reply to post by burdman30ott6

Tell him he's part of the problem if you feel like it... at least that's your business because you're one of the millions who's being robbed from by Obama to pay for this. But if he wants to purchase a home right now, it's his risk and his business... not yours.

That's what I did, and I told him why. And it was my business as he was trying to convince me to do the same thing.

Don't tell me it's none of my business. It is MY DAMN BUSINESS.

Originally posted by KaginD
reply to post by LLoyd45

 

But why take more then you need?? Does anyone even remember the difference between wants and needs??? The way I see it is as long as there is a roof over my sons head, who cares if its rented or owned?? Don't get me wrong, I understand that there is a housing crisis.. But I don't think that people should buy a house because someone is going to pay for some of it.. If you need someone to help you pay for your home, then you probably can't afford one to begin with and therefore should just rent. Isn't that what got us into this mess, people taking on more then they can afford?

Firstly, you should take it because it belongs to you, and you earned it.

Secondly, you should take it because if you don't, you'll sit around forevermore complaining about the freeloaders up the street in their new home that you could never hope to buy. You can proselytize all you want about I'd rather earn what I get, but deep down there's just that wee bit of jealousy eating away at your innards.

If it makes you feel any better though, the majority of them will lose their homes within a year and be right back where they started. If you can responsibly do so however, why not? Would you rather all the money go to save Nancy Pelosi's pet swamp mouse project?

Are you sure about this? The stimulus package includes money to help people BUY MORE HOUSE they propably won't be able to pay for in six more months?

Is there somewhere I can go to read this info that they are giving large sums of cash to first time home buyers because my 26 year old son has not purchased a home yet but wants to. If they are handing it out I'd just as soon get our share of it, it's all going to be worthless by the end of the year anyway. Why not experience a little joy where ye may?

reply to post by David9176


In a way your college is right. Just don't go for a house. Instead choose one of the two options:

#1: Buy property in South America

#2: In case you stay, buy MRE's and ammo....

Its not $8000 givin to you to buy a home, If you buy a home for the first time you can deduct $8000 from taxable income on your return. E for effort though.

But the thing is that the money that people are talking about taking is taxpayer money, not just some money the government found in the couch cushions or printed up. There is only so much tax revenue to go around, it will take 100 yrs to payback what they are using now if they didn't spend another dime. The problem with socialism is that eventually the money runs out.

At last I have found the HOPE! The hope that perhaps there are still people out there that do not feel the need to be greedy and grab whatever they can, need it or not!!! As much as I hate what is going on, perhaps this slap in the face by politicians and greedy big business is what people -- SOME people -- need in order to return to a more reasonable way of thinking. That is: I don't need 9 of everything and bigger and better than everyone else....NOW!! What is it that I need to be comfortable? Oh, look! I got two toasters. Perhaps my neighbor could use one. Oh, here! Do you need a hand with those grocery bags? Please let me help. No, no! I don't accept tips. In other words, decency and MANNERS!!! Thinking about someone other than oneself for a change.

Oh, I've had a bad day. Thanks for letting me rant!!!

reply to post by slicobacon


Where is the logic in this statement? If the person is qualified to make the payments by virtue of their income --- as determined by the bank making the mortgage --- but haven't saved up enough yet for the downpayment, how is this going to create more people who can't afford to won homes? Either they can afford them now or they can't. If they can why shouldn't they buy a house? And your explanation of Fannie Mae's involvement in this is nothing more than misguided thread parroting. You have no idea what you are talking about.

David got a loan to buy his truck. He didn't have all the money to buy it outright. He didn't NEED a truck. He wanted one. He could walk. But the bank looked at his income and job history and decided, this David guy will most likely pay us back. So they let him buy his truck. Probably with just a little downpayment. Or was this one of those immoral 0% down scams??

Anyway, everything is cool in the world of David. He's got a job and is a responsible, dilligent worker. He's making his truck payments, paying his rent, got a kid on the way. Things are good. All of a sudden he gets laid-off. Not because he isn't a good worker. He is. But his company just lost some major contracts because their clients went bankrupt. Seems no one is buying roofing materials these days.

Now David can't make his truck payments. The repo man takes it away. He's trying to get another job but there aren't any and it's especially tough without transportation. He defaulted on his truck loan so he can't get another. Kids are expensive. David finds himself without health insurance. It's getting tight.

In the middle of the night David's wife wakes him up. The apartment is freezing. The heats gone off. Seems the building owner has defaulted on his mortgage and is no longer servicing the building. The foreclosing bank won't. David has to move. But he has no first and last months rent. He's screwed. But it isn't becuase of anything he did or didn't do.

The point is this: it's really easy to point fingers and parrot what you read on the internet making 'the other guy' the lazy-ass, good-for-nothing, public sponge. Right up until it comes home to roost. But once things start unravelling around you --- from no fault of your own but by virtue of the malfeasance of Wall Street, the government or whomever --- you'll be whistling a different tune. Mark my words.