Franklin County to offer help for foreclosure

[Casper]

Figured I'd pass this along. Kinda cool. The government is actually doing something to help people.

Franklin County to offer help for foreclosure

The Franklin County Commissioners have recently announced the formation of a Foreclosure Assistance Program, which will provide up to $3,000 per qualifying household to bring mortgage payments up to date and settle late fees.

The grants will be offered to households with incomes equal or less than 300 percent of the federal poverty level, and whose primary residence has been served with notice of foreclosure. For more information on this grant program, call (614) 233-4177.

[r6allstar]

kinda cool I guess... I understand that it is mostly the banks fault for lending to someone who cannot afford the house BUT I have a feeling.. and it is just a feeling.. that many of these people already knew they couldnt afford it and were simply stretching their income to have a nice place to live. I just lost my job, is Franklin County going to help me pay my rent? Doubt it.

[Casper]

kinda cool I guess... I understand that it is mostly the banks fault for lending to someone who cannot afford the house BUT I have a feeling.. and it is just a feeling.. that many of these people already knew they couldnt afford it and were simply stretching their income to have a nice place to live. I just lost my job, is Franklin County going to help me pay my rent? Doubt it.

True, but the housing market crashing will cause much larger problems. It has to be slowed.

Banks and places like MI and Dominion are mostly to blame with their predatory lending. They were HUGE in getting people into 3to1 and 5to1 arms and interest only loans, telling people that they'd have no problem refinancing once they built some equity into the house. This is all great and dandy unless you get what we have right now, and nobody's building equity. You can't exactly refinance a home that's worth less than or the same as you owe. Then you have the "stated income" loans. Seriously, these places would let you state your income without showing proof. So builders/sellers would actually encourage you to fib a little to get into a loan you couldn't afford. Its amazing the housing market lasted as long as it did without a huge problem.

I've preached over and over and over...... if you're going to buy a house get a 15 or 30yr loan with a fixed rate APR. No variable rates, no arms, no interest only, etc. "Alternative financing" is what got us where we are now with the housing market. Places like MI and Dominion building house after house, selling them to people they knew wouldn't be able to afford it. Fucking crooks and thieves if you ask me.

But it isn't solely their fault. Some people are just idiots and believe everything their told. Don't plan on making more money in X years. Don't plan on your house building equity. Don't plan on being able to sell anything. Read up on mortgages, real estate, etc before you buy a house.

I research EVERYTHING beforehand. When we bought our house, we were originally in contract with MI. They had great reviews, and are the #1 builder in Columbus. They lied, broke promises, and were generally shitty about the whole deal. Not only did we get out of contract with them, they gave us our deposit back. Just so you know, that doesn't happen often. It helps when you have pictures of the shady work they do and the shit someone left in the sump pump. Literally, shit. My wife called them. I was so pissed off at this point I was ready to go to MI and choke the shit out of the first person I saw.

So, long story short....... Research before you buy, and don't buy MI or Dominion.

[max power]

Banks and places like MI and Dominion are mostly to blame with their predatory lending. These builders are the DEVIL:evil: and should be put out of business. They use illegal labor and have VERY shoddy quality. Many of these MI/Dominion neighborhoods are already turning ghetto and will never be worth what they sold for. (Gender Rd. is a prime example)

I've preached over and over and over...... if you're going to buy a house get a 15 or 30yr loan with a fixed rate APR. No variable rates, no arms, no interest only, etc. Its simple really, if you can't afford it, don't buy it. Never, ever buy on a variable loan. It only results in trouble.

So, long story short....... Research before you buy, and don't buy MI or Dominion. Amen brotha Satan.

That didn't sound right.

Thanks to companies like these and the sheer stupidity of the general public who live to impress each other with their new this or that, I have lost $40,000 in equity on a house that I bought at a good price 3 years ago. Thank God I got it for a good price(at the time) or I would be in the hole due to the bad business practices and bad decisions of others.

That being said, I'm not sure I think that bailing out people who didn't buy right is a good thing. Its like being rewarded for being stupid. My reward for not being forclosed on? Paying property taxes that are being used to "help out" people who aren't going to pay their mortgage anyway. The Gov't is just letting them live in a house they aren't paying on for a few more months.

OK, sorry, had to vent.

[SuperHawk]

I generally disagree with arms and whatnot on financing and I personally did a 30 year fixed rate on my house, but my dad bought his house last year knowing full well he'd only be there a year or two because he was going through a divorce and just needed a place to live for the time being and took out a 5-year arm, He got 7/8's of a percent lower rate and that was worth it. He makes a shitload of money and only bought a $175k house, so its not like he can't afford it, it just suited his needs at the time.

But yes, generally people take out arms/io's/etc in order to afford the house they want, which is stupid. I don't make near what my dad does and therefore I wanted the security of a fixed rate mortgage, and knew that I could afford.

But I do agree, MI and Dominion SUCK DONKEY DICK.

I wasn't considering a new build (I bought in Bexley) but some friends have gone through the hassle.

[Angrish]

:mad:This is great ...take my money and help some dumb ass that got in over his head .WTF??? sue the fuking banks that loaned to thses stupid fuks sue MI or dominion or whatever ,but why should any of my hard earned money go to bail these pricks out?

[VMX12C]

kinda cool I guess... I understand that it is mostly the banks fault for lending to someone who cannot afford the house BUT I have a feeling.. and it is just a feeling.. that many of these people already knew they couldnt afford it and were simply stretching their income to have a nice place to live. I just lost my job, is Franklin County going to help me pay my rent? Doubt it.

+1

There's no help for me to pay my mortgage. It is good to see the Government trying to help for a change, but as usual, the money comes from the tax paying middle class to get everyone out of a bind. If you can't afford to buy a house, rent an apartment until you can. I'm tired of paying for other people's bills. Maybe I want to use my money for something I want.