E Thomas St.

Deleveraging Through Loan Modification

Dave, you took out a mortgage to buy a home at age 59. Period. Request Denied!

On Jan 12 04:34 PM Dave W wrote:

> No doubt the housing market is broken and putting us and our children
> and their childrens children in debt to fix it is stupid. We need
> an accross the board loan modification for anyone who purchsed or
> refinanced from January 01, 2000 to current.
>
> I would like to draw your attention to a grassroots group of homeowners
> and investors who are trying to do just that, force a mass modification.
> They call themselves The American People's Fix and their website
> is americanpeoplesfix.com.
>
> Their solution is simple but has far reaching implications. Here
> is the solution: Take your existing mortgage balance and divide
> by 240. The answer is your new principal only payment for 20 years.

>
>
> With some 12 million homes underwater this plan will accelerate the
> mortgage balance pay down so that the home value and mortgage balance
> will be equal in 5 to 7 years. It will reduce the monthly payment,
> which becomes it's own economic stimulus plan every month. Money
> that can be spent on further reducing the mortgage balance, pay bills,
> spend in the general economy or save. The lender gets their money
> back, but does not earn a profit. The Federal and State government
> get increased income without increasing my taxes, because I don't
> have a mortgage interest tax write off.
>
> I am much more inclined to stay in my home if I know that in 5 to
> 7 years I can sell without writing a check or doing a short sale
> or refinance without writing a check as well.
>
> Right now I am a renter in my own home, I'm 59 bought in September
> of 2006 and put 20% down on a $320K home in Arizona. I qualified
> full docs and am not late on my payments nor am I in financial distress.

>
>
> I just can't sell or refinance because I'm 50% underwater. I've
> lost my $64K and would have to write a check for $96k if I had to
> sell today.
>
> I've worked all my life and raised my family and paid my bills and
> earned my good credit. Now I may be forced to loose everything in
> my home and my credit to boot. Where is my bailout? That's why
> I joined The American People's Fix.
>
> My American Dream has become my Retirement Nightmare!!!
>