Upcoming Foreclosures

Concerning home foreclosures question?

If I understand this, the government is now stepping in and helping out by lowering interest rates, and other things. This is for people to be able to keep their homes. My question is this...What about the people who have ALREADY lost their house? Are they going to be getting any help to get their home back, or are they just going to be out of luck? Thanks.

Public Comments

1. if the home has been sold, not much can be done. If the home is still locked into the bank, there may be some room for additional refinancing of the foreclosre
2. Out of luck, thank goodness, as should the ones facing foreclosure currently. Whatever happened to personal responsibility in this country? Buy too much house, house gets taken away. What's the problem, exactly. These people should be thankful they got to live in the relative lap of luxury for a while before going back to what they should have been doing all along, renting. Owning a house is not a right.
3. I think this is just a political ploy. I think the plan sucks because it is going to artificially keep the prices of homes at their presently inflated state. For people like myself, who would like to get into a home but can't because of the current prices, the gov't help is screwing me. The gov't should just stay out of this mess.
4. They are out of luck. And to be honest - I'm not sure how I feel about the government stepping in. Although some were victims of predatory lenders - many bought houses that were much more than they could afford with crazy hybrid - arm - interest only - negative amortization loans. Where is the personal accountability? When these folks took a 5 year arm at 4.5% that will reset in 5 years as high as 18+% - why did they not consider - hey, when this loan resets can I afford it? Maybe I should spend less money- get a smaller house on a fixed loan that I can afford? I don't know that it is the governments job to bail out people who made incredibly bad decisions. When I purchased my home - I pre-qualified for 50,000 more than I knew I could afford. So, I purchased a much smaller "starter" home that was in the price range I knew I could pay on a 30 year fixed. Sorry, but I just don't feel sympathy for people that bought too much house on a crazy loan and did not think about the future.
5. I don’t know for sure, but I highly suspect they are out of luck. And personally I have a problem with the government doing any kind of bailout. Most people who are in this situation are there for one simple reason—instead of buying a house they could reasonably afford at a fixed rate, they choose to buy a house that they couldn’t really afford at an adjustable rate, knowing full well that the rates could, and would eventually, increase. Why should the government bail them out because they made an irresponsible decision?
6. Unfortunately, the people who have lost their homes are simply out of luck. It took all those people losing their homes to persuade Congress that foreclosures needed to be addressed in some manner. Of course, it took them an additional 6 months to get around to doing anything and creating these plans, which helped push even more homeowners into foreclosure. But don't put too much faith in these government-sponsored plans. They involve the largest banks in the country voluntarily helping out homeowners behind on their payments. Lenders can already voluntarily help put together repayment plans or modify loan terms, hold off on a sheriff sale, or freeze the foreclosure process for a month. The government programs are not adding anything really new to any of this, which makes it more a public relations stunt than anything. Homeowners who are unable to work with their banks now or do not qualify for a workout program will not find any additional help from the government programs. So, the best bet is that, if you lost your home before the government programs, that would not have mattered much, because you most likely would have lost the home even with the programs. They're voluntary for the lenders and not all lenders are involved in the programs and lenders can already do everything in the programs without government intervention. Good luck. ForeclosureFish