PDA

View Full Version : State: We'll pay your mortgage for a year



PoliCon
12-09-2010, 12:03 AM
Story Published: Dec 7, 2010 at 3:55 PM PST

Story Updated: Dec 7, 2010 at 4:03 PM PST

PORTLAND, Ore. If you are getting close to losing your home, this may sound unbelievable. But it's true.

The state of Oregon is about to pay your mortgage for a year ... if you qualify, and if you are one of the lucky ones who make it through.

Interested homeowners can apply online this Friday. From there, the state will choose applicants by lottery from the thousands of people who need help.

It's a welcome option for many in one southeast Portland neighborhood. After all, those we talked to said that leaving is not a choice.

"Yeah," says one neighbor, "suffering [is] all around us."

That's why Program Administrator Mike Kaplan says he wants you to apply under the Oregon Homeownership Stabilization Intitiative. You're eligible is you make 120 percent of the median income, which is about $74,000 for a family four, and if you've lost 25 percent of your income.

For those who meet all of the qualifications, this could mean their homes would be saved with money from the federal government. This money was given to states like Oregon with the highest rates of home foreclosures. (Washington state did not qualify for this federal "bail out.")

CONTINUED (http://www.katu.com/news/local/111477064.html)

CaughtintheMiddle1990
12-09-2010, 12:13 AM
I admit this is a "Big government" move...But morally it seems right.
I could never buy a foreclosed house, personally. I'd feel like I was profiting off someone else's misery.

Rockntractor
12-09-2010, 12:15 AM
I admit this is a "Big government" move...But morally it seems right.
I could never buy a foreclosed house, personally. I'd feel like I was profiting off someone else's misery.

Are they using donated money or is it being forcibly removed by taxes?

PoliCon
12-09-2010, 12:30 AM
Are they using donated money or is it being forcibly removed by taxes?

YOUR taxes - it's being payed off a federal grant.

Rockntractor
12-09-2010, 12:44 AM
YOUR taxes - it's being payed off a federal grant.


Originally Posted by CaughtintheMiddle1990
I admit this is a "Big government" move...But morally it seems right.
I could never buy a foreclosed house, personally. I'd feel like I was profiting off someone else's misery.
Morally right just left the table.

FeebMaster
12-09-2010, 08:10 AM
Come on guys. Everyone knows taking someone's money at gunpoint is only morally wrong for private individuals.

NJCardFan
12-09-2010, 12:23 PM
Come on guys. Everyone knows taking someone's money at gunpoint is only morally wrong for private individuals.

Not if you're Wilbur. He thinks this is freedom.

Nubs
12-10-2010, 09:54 AM
From an accounting perspective, this is a atep in the right direction. Before I am vilified, please follow my argument:

TARP was money paid to banks to cover the shortfall of millions of mortgages?

Because there was a shortfall in the valuation on homes (Under Water)

So both the Bank and homeowner were under water on their sides of th mortgage

If the bank was given funds to gain relief from "underwater" status, it should also follow by "balancing of accounts" that the homeowner be relieved of "underwater" status.

As it stands, the bank has been given relief but the homerowner is still holding the "underwater" portion.