Why aren't jumbo loans included in the foreclosure prevention bailout package? Seems to me those people need a place to live too.
Jehen—-Those people can lose their jobs too
Those homes lose more value than others in times like this and the jumbo refi rates are much higher than conventional rates
These answers imply that those that have jumbo loans didn’t overextend themselves, don’t lose their jobs, and can go buy another house after foreclosure. Try getting a loan these days after having your house foreclosed on. These people can be in just as bad shape as those with conventional $416,000 mortgages.
A very expensive piece of property is not likely to harm the value of it’s neighborhood should it go into foreclosure. Anyone who qualified for a jumbo loan in the first place probably has other resources - unless they committed fraud to get the loan.
But you did not really want an answer to this question. You asked for the purpose of suggesting that every one expects an unlimited give-away and that is what is going on. There are limits and help is based on need. When you can’t help everyone in need you help those with the direst needs. References :
Why aren't jumbo loans included in the foreclosure prevention bailout package?
Seems to me those people need a place to live too.
Jehen—-Those people can lose their jobs too
Those homes lose more value than others in times like this and the jumbo refi rates are much higher than conventional rates
These answers imply that those that have jumbo loans didn’t overextend themselves, don’t lose their jobs, and can go buy another house after foreclosure. Try getting a loan these days after having your house foreclosed on. These people can be in just as bad shape as those with conventional $416,000 mortgages.
Because anyone who can afford to take out a loan for more than $417,000.00 should not be bailed out.
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LOL
Yes, Obama doesn’t care enough about the suffering rich people.
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Usually those contracts are looked over with an attorney for the buyer to ensure everything is known and upfront.
it would be very difficult to claim ignorance in that case.
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Boo hoo for them….
If you have enough money to buy a house that big, then you better have enough money to pay the bill.
If you do fall on your face….you should have enough money to buy something more practical.
Obama and myself, are more worried about the MAJORITY of Americans. People who are struggling and living paycheck to paycheck.
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The funny thing is that in California - anyplace better than a homeless encampment is going to need a ‘jumbo’ loan.
Funny how the people who pay the vast bulk of the taxes are getting so little respect and consideration.
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A very expensive piece of property is not likely to harm the value of it’s neighborhood should it go into foreclosure. Anyone who qualified for a jumbo loan in the first place probably has other resources - unless they committed fraud to get the loan.
But you did not really want an answer to this question. You asked for the purpose of suggesting that every one expects an unlimited give-away and that is what is going on. There are limits and help is based on need. When you can’t help everyone in need you help those with the direst needs.
References :