Did anyone else notice how Biden wanted to give the bakruptcy courts the right to not only adjust interest rates, but also the principle of the loan?
Here’s a sarcastic question… Do I have to be financially irresponsible for this reduction in principle, or am I just out of luck since I didn’t borrow beyond my means and pay on time every month?
How do you think this legislation would affect the real estate market?
[quote]dhickey wrote:
I was swearing at the tv when he said that. One of the legitimate functions of gov’t is to protect contracts, not shred them.[/quote]
You forgot that he’s a liberal. Liberals don’t think people have to be responsible for anything, it’s up to big government.
It’s not John Doe’s fault he borrowed $450,000 on a 3/1 ARM while making $40,000 a year. Mr. Doe just ignored the fact that his interest rate would go up a point a month until it topped at 13.9%.
"Did anyone else notice how Biden wanted to give the bakruptcy courts the right to not only adjust interest rates, but also the principle of the loan? "
Snipe, what’s your interpretation on how the principle would be adjusted because I almost blew a gasket too.
Do you think it means that they would eliminate some of the cost or just increase the amount of time to pay it off ?
I fuckin bust my balls to pay off my mortgage and Joe Shmoe who over extends himself gets a break and ends up paying less on the house. What happens when the house starts to appreciate. Does Joe Shmoe get to keep all the profit ?
WTF ?!
I have a question. Didn’t the last stimulus package cost close to 150 billon ? If so, why not cut out every ounce of pork from this bill and send out another stimulus check ?
As far as what he meant I can’t be sure. If they are going to permanently lower interest rates, I can only assume they are going to permanently cut the principle.
I’m not sure how bankruptcy works as there are different chapters. I do know people who have filed and no longer owed anyone anything with the exception of the mortgage company.
[quote]snipeout wrote:
As far as what he meant I can’t be sure. If they are going to permanently lower interest rates, I can only assume they are going to permanently cut the principle.
I’m not sure how bankruptcy works as there are different chapters. I do know people who have filed and no longer owed anyone anything with the exception of the mortgage company.[/quote]
He’s a fucking moron. I guess no one has told him about short sales. They seem to be pretty poplular these days but the dipshits that can’t afford the house actually have to move out.
[quote]dhickey wrote:
snipeout wrote:
As far as what he meant I can’t be sure. If they are going to permanently lower interest rates, I can only assume they are going to permanently cut the principle.
I’m not sure how bankruptcy works as there are different chapters. I do know people who have filed and no longer owed anyone anything with the exception of the mortgage company.
He’s a fucking moron. I guess no one has told him about short sales. They seem to be pretty poplular these days but the dipshits that can’t afford the house actually have to move out.[/quote]
Can you imagine though the cutting of principle, there would be no need for a short sale.
Go to court get your principle reduced from say 200,000 to 150,000 then you turn around and sell for a profit. They would surely have to put some clause in there to prevent this.
Some days I don’t know why I bother to work and pay my bills. Just 15 months ago I paid 283,000 for my house, today I’d be damned if the fucking thing is worth 225,000.