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hey - wait a minute now...........

I have a question for everyone out there. This question is not just directed at consumers who own a house and are upside down, or people who are overextended on credit because that was what they had to do to survive, or anyone who's job has been terminated. Yeah - they need help. We all need help.

But this question is also directed at the small businees owners who supposedly are the backbone of what America is all about. --- 4.5% interest rates, tax credits and everything else you poiliticians are squawking about are just fine.... but what happened to the money for small business? i am telling business owners in my community every day, owners i hvae respected for years, i am sorry - i cannot approve this loan for you. These business owners need a loan to stay alive because the banks have shut down their lines of credit.

Anyone have a comment on this? Anyone mad?

Posted by Lewis Poretz - - Maryland Mortgage Expert - FHA on 02/13/2009 09:31 AM

Comments (6)

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small business help

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6 Comments on hey - wait a minute now...........

FEB

It is so aggrevating the way polititcians are distributing (wasting) this money. I have enough stress for today and to elaborate any further and these greedy scumbag politicians would do me in.

You know what Dave - great comment I am shaking my head yes reading it..... we all have stress....

Lewis: I am counselling my self-employed borrowers that, if they want to buy or refinance a home, they cannot keep writing everything off. We live in a full-doc. world right now so the borrower needs to play ball. The good news is that Fannie and Freddy are allowing only 1 year (rather than 2) tax returns after April 4. Keep you fingers crossed! Take care.

Hi Paul - where did you hear about the one year tax return? This is new to me............

FEB

I agree, but let's not forget about the ever shrinking middle class. If they come out with a 4% rate, it should be for everyone that qualifies. Shoot, half the folks won't because all their equity is gone.

MAR

I don't have too much sympathy for the no doc loan folks. If you aren't showing enough money on your tax returns: you are saving money there and should therefore spending more on your mortgage payment only evens things out alittle. The bottom line is those no doc folks are saving more money by not paying taxes then they are spending by having higher interest rates.

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