Another rant. I put this one in the political thread but thought it might be good here.

I don't know that any homeowners are being "Saved" in the Mortgage mess. AIG was, the banks were, But I don't know what is happening to the homeowners.

I got caught in this mess. I bought my house in Tennessee expecting my house in Michigan would sell. The house on Michigan is still not sold so I am covering two mortgages. It's a little tough but we are managing.
Fortunately I stayed clear of subprimes or ARMs with short balloons. I have fixed rate mortgages.
One thing that would make things easier would be to refinance both at the current rates.

Guess what.
The Banks won't refinance a house that is currently up for sale.
They also are charging such High fees and points it almost wipes out any savings I would get in a refinance.
It would cost almost $9000.00 to refinance the house in Michigan.
How many struggling homeowners have that kind of cash lying around? So they roll it into the mortgage.
The other factor. Reduced values. Most homes have been devalued anywhere from 20 to 50 percent. All of a sudden you don't have enough equity to refinance without paying PMI. which can be $75.00 a month.

This whole HYPE about the Administration helping homeowners stay in their homes is Bull. The only people being helped are the banks and predatory lenders that started this whole mess. I'd like to know who these bad homeowners are that the tax dollars are helping.

Bill
http://www.soundclick.com/billrobinson
http://www.dreamqueststudio.com
Skype; bill.robinson12

"The democracy will cease to exist when you take away from those who are willing to work and give to those who would not." --Thomas Jefferson didn't say it

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