Has anyone seen this video? Thoughts? I've been thinking this for some time. What's the worst that can happen if I quit paying my mortgage? Worst case scenario is O doesn't bail me out and I could rent for 5 years and get another mortgage then. By that time my house might be for sale for what I currently owe on it or less. But if O bails me out I get a better rate and a lower payment.

 

http://www.cnbc.com/id/15840232?video=1039849853

What about your word and honor? What about the command in scripture to pay your just and honorable debts.

Because it is the right thing to do.

What about your word and honor? What about the command in scripture to pay your just and honorable debts.

 

Why is my word more binding than my neighbors? Why should I help pay his while I'm paying mine.

Because it is the right thing to do.

 

Agreed, but is it right for the government to pay for some and not others? Why does a person that can't afford theird get their rate lowered to 2% whiile I keep my rate b/c I've been paying mine?

You can't simply quit making your mortgage payments and get help.

 

I don't believe you can quit your job and get help either.

Agreed, but is it right for the government to pay for some and not others? Why does a person that can't afford theird get their rate lowered to 2% whiile I keep my rate b/c I've been paying mine?

 

If your P&I payment is more than 31% of your monthly gross income I think you can qualify for a reduction even if you're on time with your payments currently.

If your P&I payment is more than 31% of your monthly gross income I think you can qualify for a reduction even if you're on time with your payments currently.

 

Where do I get that info and who do I ask for the reduction?

You can't simply quit making your mortgage payments and get help.

 

I don't believe you can quit your job and get help either.

 

The question was a little hypothetical. I can currently afford my mortgage and wouldn't do it. But it makes me a tad angry that I'm helping other people make theirs. What are the qualifications for receiveing help if you know them?

The damage to your credit would very likely come back to haunt you someday.

Because it is the right thing to do.

 

Why?

Where do I get that info and who do I ask for the reduction?

 

What info are you talking about?

What info are you talking about?

 

To see if I qualify for the deduction. Would 5/3rd help me w/ that since I have my loan through them?

The damage to your credit would very likely come back to haunt you someday.

 

Actually it would only haunt me for the next few years. I would have to like the car I currently drive, or pay cash for one and I'd be a renter. But what if the government bailed me out?

IMVHO anyone who got a mortgage the "right" way and has been diligent in making their payments should feel as if they've been slapped in the face.

 

I heard on a radio program today that someone who re-finances through the Obama plan and stays up to date would qualify for a $1000 credit towards their principal annually for 3 years. Please tell me how I can get 3 grand taken off of the principal of my mortgage.