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Are we going to be taken to the cleaners?

By John March

Services for Real Estate Pros with Charisma Media Group, LLC 50622

August 31, 2007 04:28 AM

The annoucement that there will be relief for borrowers is goodnews, I guess. But, here we go again--more and more government involvement trying to clean up a mess, usually results in more of a mess.

Maybe I am wrong.

Think about what you can do. Miss three or more mortgage payments. Ask for Uncle Sam's help. Get debt forgivness--not have to pay tax on that forgivness--and who knows, maybe you can even get a new car!

I love cartoons. Often, they contain so much wisdom.

(BZTOONS offers this any other cartoons free to be posted to web sites, emails etc.)

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Christopher Johnston

FlexBox Mobile Storage - Philadelphia, PA

You are right. There are no free lunches and any gov't programs need to be funded through taxes. You can't solve every problem with the tax code (already 65,000 + pages deep).

Christopher

Aug 31, 2007 04:37 AM

Carolyn A. Rzaca

ROYAL SHELL REAL ESTATE, INC. - Naples, FL

Broker Associate, GRI,SRS,TRC

Let us see what the government truly does. Nothing is free in this world. What is it going to cost us? Who knows.

Aug 31, 2007 04:40 AM

Donna Oehler

Realty Executives Platinum - Palmdale, CA

A.V. Foreclosure Specialist

I have not heard all the detail of the governments plan - but from what I heard that the homeowners will have to have 3% in equity in order to qualify. I have also not heard if they have put a cap on the amount the loan could be - so if it the same standard FHA dollar amounts - most of the homes in California will still not qualify.

I think the government made the gesture - but it is like putting a band aid over a bullet hole.

Aug 31, 2007 04:46 AM

Debbie Cook

Long & Foster Real Estate, Inc - Silver Spring, MD

Silver Spring and Takoma Park Maryland Real Estate

I understood Bush to mean - he was offering help through increasing limits on FHA, offering help for short sale sellers and help with refinancing thru goverment insured loans. I did not understand it to be a free bailout for just anyone!

Aug 31, 2007 04:49 AM

Larry Wright

nwRealty.Com - Tacoma, WA

time will tell ... wait and see ... I'll check the funnies more often ... thanks John

Aug 31, 2007 04:54 AM

Sean Allen

International Financing Solutions - Fort Myers, FL

International Financing Solutions

Yea, with so many homeowners upside down on the homes ... I'm curious as to what solution, IF ANY, uncle Sam will have for that.

Sean Allen

Aug 31, 2007 04:54 AM

Andrew Trevino

ADT Real Estate - Wilkes Barre, PA

Wilkes-Barre Homes For Sale

I'm very interested in seeing how this help from the government will pan out. Until then, I'll reserve judgement. The funny does say alot though, thanks.

Aug 31, 2007 05:12 AM

John March

Charisma Media Group, LLC - Bluffton, SC

"Engage, connect, prosper" (Matt 6:33)

Debbie, I think you're right the "bail out" isn't for just anyone--they'll probably only consider "bailees" with good credit (LOL)

Aug 31, 2007 07:00 AM