PICK A SIDE - Homes and Foreclousures

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First collected by jischinger
Feb 10, 2009
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Currently, there are more empty homes and condos (20 million unoccupied) on the market than people who actually need homes, we have a surplus. Why don’t we make them available to people based on their income? A new - urban renewal program. Here's the plan: You must be an American Citizen. This must be your primary residence. Your income can not exceed somewhere between $43,000 and $60,000 a year; that can change, but let's start there as a base. If you have kids or are supporting a disabled person there's room for adjustments. You enter into a home/condo lottery in each state and you win a home or condo - the cost of the mortgage will be based solely on your income over the last three years, so you need at least three years of federal and state income tax forms. If your income goes up at any time during the life of the mortgage so does the rate or cost of your mortgage payments, but only if your income goes up above inflation and the poverty line. If your income falls at any time your payments go back to the original rate. This is better and far more stable for any community than giving the money to the banks. This can also works for current home owners who are about to lose their homes. Bottom line is we're going to be buying these crap assets anyway mine as well get some property out of it. What about moving up or moving out? You can sell your home any time, but then you opt out of the program for at least 3 years and lose any and all equity. After 7 years you get to keep any and all equity if you sell, but the houses, must remain in the government program for at least 30 years. Which means you can only sell that particular property to people eligible for the program. There would also be fees if opt out early; cost of paper work, unless in cases of death. This program also promotes a more equal ownership society. All you need is someone with guts in the Congress and in the White House to promote this or some version of it. I also purposes a top inte
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