SeaLass Loc: Western Soviet Socialist Republics

Have thought about that myself, and what happens if the house is sold before the mortgage is paid off, a very common situation? If the house appreciates say 20% over 5 to 10 years, how is the appreciation (deprecation) divided, proportional to the down payment or through some other formula? In a way the mortgage itself is a rent to own mechanism. You basically "rent" to own for 30 years, then you own the house and can "rent" it from the government for taxes

SeaLass Loc: Western Soviet Socialist Republics

Around this neck of the woods the homeless commission estimates that between 80-85% of the homeless who are offered shelter for free, refuse it because they don't want to deal with all the rules; no drugs, no booze, keep the place clean, look for work or training, etc. How much more misery do you think they are willing to take?

American Vet

Why do you think they are miserable? The ones I interacted with were quite content.

elledee

BINGO!!!!!

Canuckus Deploracus Loc: North of the wall

Not sure how the homeless entered the equation...

SeaLass Loc: Western Soviet Socialist Republics

I didn't say the homeless were miserable, just that when offered shelter many of them preferred to stay on the street. Being miserable was Canuckus's observation.

American Vet

My apologies

🙏

SeaLass Loc: Western Soviet Socialist Republics

No problem, easy to get confused in the cross-fire around here.

manning5 Loc: Richmond, VA

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We still live in a free nation where we have the right of purchase of goods and services, including housing. This right, however, has conditions for purchase that should be applied by the lenders. You must qualify to obtain a loan, both the down payment, and the monthly payments. The problem is creative lenders often do not strictly enforce the rules, which leads to some wanting a government solution to this dereliction. Well, good, have the government enforce the lenders to follow the lending rules. But the government has little interest in doing that, they do not have the staff, the budget, or the office space for the enforcers, and the lenders have a very powerful lobby to stop or otherwise impede such enforcement. so it is a bit difficult to figure out just where to start to solve the problem. A big faction of our politicians see owning homes to be a grand victory for their policies, so they seem to encourage citizens to buy homes and lenders to help. To help some citizens get into a nicer home, lenders bend the rules and offer things like balloon mortgages that require a lower down payment and a lower monthly payment for, say, five years, then the balloon hits. Crazy world.

You tell me what to do!

American Vet

And the problem is the government being involved. An excellent example where government needs to stay out of it and let the free market work.