Barry Fotheringham, Broker
7360 E. 22nd Street,
Tucson, AZ 85710
I keep reading all these opinions that say we should not bailout anyone who is about to lose their home because they made a bad choice in their purchase and/or loan.
Lets get real here!! The bill that the Democrats and a small number of Republicans sent out of committee is one of the smartest things our House of Representatives has done in a long time. The problem is, will the Lenders participate? Click here for a news item that shows me most of the public is uneducated about this bill. I see people that are complaining have not read the Bill, and the News Media now has a new topic to feed on and misrepresent the truth.
Read it for yourself and see that this is not a bailout for the lenders or investors. If it goes the way it is written, the program will more than pay for itself and then some. The Old Lender is the one to voluntarily cover the costs of most everything. I think most of the Lenders will approve the chance for the homeowner to stay in their home and take the Short Sale amount and move on. As this program is voluntary for the current Lender, it simply gives them one more option for dealing with a loss they are about to experience, and the homeowner gets to stay in their home with manageable payments if they qualify.
Now you say “so what”. WHAT is the fact that when YOU try to sell your home In say, Tucson, Arizona you will not have as many of those Short Sales and foreclosures as competition in the sales market. Think about it, and this really will save a lot of people from going into deeper debt, and I am not just talking the homeowner, but the people that lost their job because we all stopped buying and the employer had to let them go. Now tell me what did that have to do with the so called Bailout? Absolutely nothing. We ALL caused that. I can give you lots of other examples, but I think you get the picture.
This again is the best solution I have seen yet. We have two years or more of this current housing problem if we do not do something like this bill. Read the Bill a second time and understand it before you say something that shows me you really do not understand or do not care about it. I am sure this Bill will get changed between the House and Senate but something along this Bill’s lines will help our floundering economy and bring many peoples lives back to a much better position.
Once you understand what they are trying to do, get in touch with your Senator and Congressman and ask them to support something along this Bills Lines. We need to get our President to also understand this is not a Bailout and that it will pay its own way. NO VETO! I am not a Democrat but HOORAY for the Democrats. Bipartisan politics is the only way to save our economy and our country! Now if we can just convince our divided Congress of this.
You have my permission to copy this and send to Your Senator, Representative or whoever you think will help. Use anything in my thoughts that will help you write something to make that contact.
THIS is a very important issue.
May 13, 2008 No comments yet Share