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Sunday, May 8, 2011

Calling BS on Banks taking homeowner built up home equity and down payment.

I believe that whenever you see a post or comment defending the taking of a homeowners home equity and down payment via a short sale, you are simply reading the words of one who profits from this form of theft.

Yes, theft.

If a homeowner has built up any home equity in their home, and has already made a down payment on their home, they should be allowed REASONABLE ACCESS to that equity BEFORE a foreclosure is implemented. I have yet to hear the Barack Obama administration deal with this issue.

50% of american homeowners are NOT upside on their home mortgage, but were they to lose their job, they would be ineligible to tap their earned home equity line. This could result in either a short sale, (which can result in unhappy results for a myriad of reasons), or foreclosure and the loss of the home's entire down payment and built up home equity line.

If you are one of 70 million americans care taking for a family member, or 15 million americans caretaking for someone with alzheimers, and as a result are limited in your work options, the government will still deny access to your own built up home equity and down payment, and the government will do nothing if the bank swoops in at some point and simply takes your home and all the value you have built up in it.

I believe Hillary Clinton, based on her 2008 campaign speeches, would have initiated more reasonable terms for homeowners so the banks could not just take what they did not earn, and a re-election of either Barack Obama or the republican candidate will probably spell continued disaster for homeowners who are out of work.

(edit update May-9, 2011 10:50 am - click here for another home values are dropping story line that DOES NOT MENTION homeowners with equity, instead the article focuses on those who are upside on their mortgages. The media boycott is pervasive against highlighting homeowners with home equity and who also made a sizable down payment but are presently jobless and could lose everything to the banksters. -end update)

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