What is going to happen with this bailout.
I bought one house earlier this year. And have an earnest deposit on anouther. The first ones rented and going good.What is going to happen if the goverment owns foreclosed homes. instead of banks.

I'll show my ignorance again here, but isn't the gov't planning on selling them also to try to get some of this "bail-out" money back?

Yes but at what price and who is going to take care of them in the mean time. It seems like these banks took all that interest money. And in many cases enough that it paid for the house just not their unreal interest.

Like I know enough to make any kind of political decision but I think it's just another HUGE mistake by our gov't. I wish I had money right now, I'd do as you are and buy up some of these foreclosures. I don't think anyone has stopped to even consider who's going to take care of all those houses the gov't bought. Aha...another job for senator _______ son or nephew or uncle or....

Now that was sarcastic huh?

Well like the last one. I'm geting it dirt cheap. But all the plumbing has frozen and burst. And its going to take a lot of work. To make it livable again.

yes and some of the people who are going to be or have been foreclosed on are going to trash the places before they leave. I, honestly do tho, think the market will turn around, not in the next year or so maybe...and you will have invested your money wisely.

Thats what I'm Hoping

Do you need a good accountant?

if you default;

mortgage companies can take your house.

the federal gov't can take your house at gun point and put you into prison (irs)

I can't default I bought it

Well actually...if they really wanted to do something they would force the banks to lower their interest rates on ALL loans...first & foremost these bad banks loans.

If they did that there would be no need for a bailout. Yu think?

the "Foreign interests" will hold the paper....

So what? Do they want to get their money back or not? That's the point!

BTW...the fed govt. is going to make loans that would be affordable to the homeowner & then the loans would be paid off. It really would not be a baliout unless someone for some reason can not pay it at all.

affordable loans??? what are you implying? that people took out loans the couldn't afford and now everything will be fixed...

divide the bail out by the population and you get about $2200.00 per person.....children included...a family of 4 will foot the bill for another 8800 dollars...that sound affordable...

To me there's more to the story than being told...The numbers just dont jive..For one the numbers I hear are that %10 percent of mortgaged homes are in foreclosure or delinquent..Now this is spread over more than one financial institution..What business couldn't sustain a %10 loss and not stay solvent? Insurance companies do it, the auto industry use to do it until they realized they figured they should get a piece of the pie...The bailout is suppose to shore up the availability of credit..Just who is going to be able to afford it...Just an average American trying to understand it so feel free to enlighten me..

Don't feel stupid.

Right now no one knows what this buy-out is going to look like, who will get what and what their obligations will be and scariest of all whether it will work.

Stay tuned...

Some people were lied to about their interest rates.

Well I believe some lenders are already re-adjusting loans...if the values drop they forgive the over amount & then lower the interest rate for people who are struggling to pay their loans.

I personally could never understand the whys of how they used the credit scores & what people were being charged for credit cards & other loans. It's so screwy...should never have gotten to this point. I call it robbery.

It is robbery.