I was going to write another article on how to make money in real estate investing and as I always do, I was beginning my draft outline when I began reading the news.
So armed with my apple juice and mandatory blueberry muffin, I took to the task of building my article. When suddenly I realized that we never would have to worry about money again.
Obama had made sure that we have everything we need. Now we have free health care and today I found out that we don’t have to pay our mortgage anymore either! What’s next free groceries? Free tickets to the Miami Dolphins football games…for that matter free skyboxes?
So this may be my last article because I don’t have to work anymore. Everything is going to be given to me. Obama really is changing everything. Maybe this socialist stuff isn’t so bad.
I can already see afternoons of Matlock reruns or Judge Judy episodes. Wow, I’ve missed so much while I was actually working. Did you know that Brooke and Bo on Days of our lives are still hot for each other? Did you know that Drew Carey is now hosting the Price Is Right?
Check out this video from FoxNews!
[flv:http://www.realestateradiousa.com/videos/foxnewshousing.flv 580 326]
I mean I’m ecstatic. Now since I don’t have to work, since Obama is taking care of me, life is going to be great! Are’nt you excited? What are you going to do with all of your free time? Going to fly to France? I hear free airfare is coming soon and going to France to see how it’s all done the right way would be an awesome trip wouldn’t it?
Then reality hit and I woke up thinking I was dreaming but actually I really wasn’t. I don’t care what side of the political aisle you sit on. Telling banks they can’t collect on loans and letting the public know that if you can’t afford it, don’t sweat it, you won’t have to pay is absurd.
Yeah, I have heard all of the bs about it being the banks fault and it simply doesn’t hold water. I have bought hundreds of homes. Each time I closed I looked at a promissory note and saw what my payments were and I happily signed the paperwork.
Wow many people may have had problems reading the legalese that explained what would happen if they didn’t pay, no one ever had a problem understanding what their payments were. I bet many smirked when they got the loans knowing full well that they weren’t going to pay anyway.
Ok, now let’s get this straight. You live in a nice neighborly subdivision and there are 7 homes in this cul-de-sac. You all know each other and spend time on the weekends barbecuing and generally enjoying life.
One or two of the neighbors falls upon hard times and can’t afford their mortgage and they talk to you about having to move. You, being the nice person offer to help in any way you’ll can. You have no problem helping them pack, working with them on the garage sale, or even maybe watching the dog while they hunt for an apartment.
You see the “For Sale” sign go up and you think to yourself…what a shame. Then one day a few weeks later, the sign comes down and Bob next door is unpacking. Amazed you ask if they hit the lottery or something.
Well Bob tells you know. He says by NOT being able to pay he gets to actually stay in his house. He tells you he may never work again. Wow! That’s great you think to yourself and you ask him how he qualified for that program.
And Bob tells you that by losing his job and not being able afford to pay his mortgage the Government told him he doesn’t have to pay. However, he adds, because you are successful and responsible you DON’T qualify and YOU have to keep paying.
The rub here is YOU are actually now paying your own mortgage AND his. When you offered to help out your neighbor, is this what you had in mind?
Welcome to the new America! The Obama America.
Peter Schiff: ‘Very good reason’ to believe home prices will … The latest housing initiative announced today by the Obama Administration draws the US government and, by proxy, all taxpaying Americans, …
“Given the horrendous government deficit projections for the next several years, any losses incurred by the government mortgage portfolio may add a critical stress on America’s fiscal viability.
In addition, the moves add even more incentives detrimental to economic growth. By targeting benefits toward unemployed homeowners, or those who are delinquent in mortgage payments, the program will encourage some mortgage holders to defer job-hunting and miss payments. Also, in offering loan-balance reductions, the program makes no distinction between homeowners who naively overpaid during the speculative peak and those who willfully put themselves underwater by taking advantage of home equity loans on existing mortgages. In short, these policies reward profligacy and penalize prudence.
The longer the government continues to distort the underlying economics of the real estate market, the longer it will take for the sector to heal itself – and the longer the sickness will infect the broader economy.” – Peter Schiff
The Newest ‘Fix’ for the Housing Market Seeking Alpha Well, not surprisingly the Obama administration refuses to listen to me and instead of just letting the housing market work through its pain, they have come …
“We’re All Communists Now!” I have to say that I love Mad Money’s Jim Cramer. I love someone who is willing to absolutely speak what’s on their mind and not have to be beholden to anyone. Cramer has been wrong, but fortunately for his clients he has been right a lot more …
Be Careful What You Wish For When the candidate of change was crossing the Country mesmerizing the ignorant, he kept telling anyone who would listen how things had to change and all that he planned on doing. I remember having conversations with friends and family about what he was saying. I imagine anyone with half of a …
Obama administration revises anti-foreclosure strategy … Mar 26, 2010 … The Obama administration Friday tried to manage expectations about its newest foreclosure-prevention efforts, while consumer advocates and …
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