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Can't pay your mortgage? Not to worry.

Politics Nothing goes with politics quite like crying and complaining, and we're a perfect example of that.

Can't pay your mortgage? Not to worry.

Old 07-07-2011, 09:20 PM
  #1  
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Default Can't pay your mortgage? Not to worry.

http://www.theblaze.com/stories/no-j...r-a-full-year/


The extended grace period only applies to FHA-backed loans, which are usually given to low- and middle-income borrowers and represent about 14 percent of all active mortgages and roughly 25 percent of new mortgages, and homeowners in the government’s Home Affordable Modification Program.
But if you're not a complete idiot and didn't get yourself into a loan you knew damn well you couldn't afford........ you still gotta pay on time every month.
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Old 07-08-2011, 05:21 AM
  #2  
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I didn't read the article. I would say for mortgage loans today, getting payments late is better than not getting them at all in many cases. If a bank wishes to foreclose on a mortgage, I guess they may be delayed somewhat before they can foreclose. Of course, if the home is under water -- worth less than the outstanding principle of the loan -- there really may not be a rush for the bank to recover the house and sell it, unless the home owner is not maintaining the house. On the other hand, maybe FHA loans are backed up by the US government, and the lending agencies may not actually stand to lose money? I don't know.
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Old 07-13-2011, 05:13 AM
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It's pandering to the base, pure and simple. I have a brother...a union electrician....
He is chronically 'laid off', with the union playing they system. The system is that you must work 17 weeks to be eligible for 99 weeks of unemployment. So guys are allowed to work 17 weeks and then laid off...they stay home for months (my brother has been home for 8 months now...without a hint of when he'll be coming back into the work force) and collect unemployment insurance while other union electricians come 'off the bench' to put THEIR 17 weeks in....and so on and so on...until everybody gets a 'shot' at 17 weeks of full employment whereupon the cycle begins anew. My brother says "Thank God for Obama....those 99 weeks get me thru these hard times". You try to tell him if it was not for Obama, he might be back at work AT FULL SALARY, and not scraping like some skel, on the paltry amount paid out by unemployment. But being a union sphincter, there's no talking to him. He's typical 'blue collar', in my opinion. He sees no problems with that 17 week scam...does not see he's been sold out by his union...all he sees is the money which is true for a lotta guys whose situations have been made desperate by this recession. Instead of Thank God, it should be God Damn. Where's the recovery ? Where are the jobs ? Noplace and nowhere.....
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Old 07-13-2011, 05:58 AM
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Bergall:

The IBEW has tenacles into non-union states like TX and OK as well. A few years ago the legislatures in OK and TX mandated that electricians must undergo an apprenticeship. Some electricians, like my son, had been electricians for many years without being apprentices. They were not told they had one year to to get under the wire before the apprenticeship thing went into effect. Now many folks who were electricians for decades are SOL.
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Old 07-13-2011, 06:11 AM
  #5  
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Originally Posted by falcon View Post
Bergall:

The IBEW has tenacles into non-union states like TX and OK as well. A few years ago the legislatures in OK and TX mandated that electricians must undergo an apprenticeship. Some electricians, like my son, had been electricians for many years without being apprentices. They were not told they had one year to to get under the wire before the apprenticeship thing went into effect. Now many folks who were electricians for decades are SOL.
They weren't grandfathered in? That seems strange. I mean if you've been licensed as an electrician already, it seems strange to have you go back and serve an apprencticeship.

They recently increased the education requirements for CPAs, but the new standards don't apply to people who are already certified.
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Old 07-13-2011, 06:42 AM
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They weren't grandfathered in? That seems strange.
The legislatures in OK and TX pandered to the IBEW and sneaked these laws into effect under the radar. Electricians had to apply to be grandfathered within one year of the new laws going into effect: Many who were working in big industry shops were not notified of the law change=no grandfathering.

CPA's are required to take continuing education classes in order to keep abreast of changes.

Last edited by falcon; 07-13-2011 at 06:49 AM.
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Old 07-13-2011, 07:50 AM
  #7  
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Originally Posted by falcon View Post
The legislatures in OK and TX pandered to the IBEW and sneaked these laws into effect under the radar. Electricians had to apply to be grandfathered within one year of the new laws going into effect: Many who were working in big industry shops were not notified of the law change=no grandfathering.

CPA's are required to take continuing education classes in order to keep abreast of changes.
That, like most unions, is a POS. THey sold out their membership who are apparently quite stupid, for being talented master electricians. That being said, this union continues to take new members, even tho' there is no work ! It's astounding ! Why the membership does not toss those pukes off the next 30-story deck is beyond my comprehension.
I have been telling my brothers to go independent; get licensed as electrical contractors and start their own shop but you know...you can lead a horse to water, but gettin' him to drink is another matter.
So they wallow on the precipice of financial insolvency while the union delegates drive fancy cars and smoke fat cigars. Go figgya....
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