$1,000,000,000 To Pay For Homes
Homeowners facing foreclosure can now tap into a $1 billion program of emergency loans to help tide them over a temporary financial crisis, the Department of Housing and Urban Development (HUD) has announced.
Beginning today, homeowners in 27 states can file preliminary applications for the Emergency Homeowner's Loan Program (EHLP). Eligible homeowners can obtain interest-free loans of up to $50,000 to help cover mortgage expenses for up to two years.
The new initiative is expected to provide assistance to up to 30,000 homeowners, with loans averaging $35,000 each. Loans may be used to pay a portion of monthly mortgage bills, including missed mortgage payments or past due charges including principal, interest, taxes, insurances, and attorney fees.
Here’s the best part folks:
Approved homeowners are eligible to receive one-time EHLP assistance to pay certain arrearages to bring them current, as well as ongoing monthly assistance to help them to make their monthly first lien mortgage payments (including payments of principal, interest, taxes, and insurances).
Assistance is limited to a maximum duration of 24 months, or up to a maximum loan amount of $50,000 in mortgage payment assistance, whichever occurs first. The EHLP loan is secured by a junior lien against the approved homeowner's principal residence and is forgivable over a 5-year principal reduction period.
Read that last sentence carefully: “forgivable over a 5-year principal reduction period.”
THEY DON’T HAVE TO PAY IT BACK!
This is another Government Give-Away of our taxpayer dollars to a bunch of lazy, good for nothing morons who never should’ve been loaned money to buy a house in the first place!
Here’s what these assholes running our Government are telling the rest of us who’ve played by the rules: Go ahead and save, buy a house you can afford, struggle to make your payments and the government will SCREW YOU ROYALLY by taking your tax money and giving it to the guy who bought his effing “dream house” with a mortgage he could never pay. All because everyone believes that it was really those nasty old mortgage companies who suckered people into taking on mortgages that they couldn’t pay.
Bring on the rebellion!!!
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4 comments:
The worst part is that the government is really just handing the money over to the banks and mortgage companies. What they should be doing is making them take the hit financially. If the banks simply wrote down the principal on every underwater mortgage folks might actually be able to pay the reduced P&I payment.
I'm definitely feeling your anger though.
Wrong, these are direct grants to welfare home-owners. Ultimately that money ends up in the banks (to that part you're correct) but this is really nothing short of a government transfer of wealth to a bunch of welfare kings and queens who never should've been approved for a loan on a stick of bubble gum, much less a house.
By the way, thanks for reading! Appreciate your comments.
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