Quote Originally Posted by Col Forbin View Post
Watched on the news this moring that they are now going to start bailing out indivuduals who are defaulting on their mortgage. To qualify you must be 3 months behind on payments. They plan to cut those individuals interest rates in half, as well as to make the majority of their monthly payment donated to the principle balance. I thought the corporate bailouts were getting ridiculous, now individual bailouts. Jim Kramer explained how the individual bailouts help all of us by stopping the continuing decline in the housing market, and help restore home values, but I don't know.

My wife and I were considering re-financing - but the process is a pain in the behind, and we have to come up with a pretty large amount of money for closing and fees. I guess it would be alot easier, and cheaper on us if we just quit paying and let mortgage company refinance for us for free - probably get a better rate.

I am about as liberal as you can get on most issues, but also think there should still degree of personal accountability for your actions.
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I understand and sympathize with people who have fallen on bad times or rather had bad times fall on them; I mean the loss of a job or a catastrophic illness, things along those lines. I am in favor of helping those people but if a person loses his job and then sits on his behind expecting the government to support them, I have real issues with that. The sick person, I don't mind helping because they can't help themselves through no fault of their own.

I know a man who was making $800 per week, his wife was making $500 per week, and they went out and bought a $325,000 house that was only a shell, temporary plywood floors, no electricity, paneling, plumbing, doors, stairs; NOTHING. He got a construction loan and now, 5 years later the house is still unfinished. He had no down payment, had to sell his 'toys' so he could get the loan, but he got the "big house." The pressure was too much for his wife and she just walked out and left. Now he can't pay his bills although he is working two jobs. He knew that he couldn't afford the house and mountain of credit card bills when he started the mess. Why should I bail out a man who got himself into all that and absolutely refuses to change his spending habits? You could pay every bill he owes, including the house, and I'll guarantee you that in less than a week he would be in debt up to his ears again. He is the poster child for bad money management and there are millions out there just like him. I have no sympathy for them; I live within my means, my houses, boat, and automobiles are all paid for and my FICO score is 845. I don't try to keep up with the Jones; in fact, I don't know them. IMO this bailout thing will turn around and bite a big chunk out of the Democratic donkey's butt. That party symbol now carries a particulary significant meaning.