Foreclosure in 92363>Question Details

Jon, Other/Just Looking in Needles, CA

Instead of putting up an auction on houses that get repossessed for tax purposes for the rich to buy and rent

Asked by Jon, Needles, CA Sun Feb 15, 2009

out, would a new system work that allows these houses to be sold to people on low income (SSI)? My understanding is: houses are repossessed for tax purposes because the homeowner owes the government tax money. They may owe $1,000 or however much. So, instead of putting the house up for auction to get this $1,000 allow someone on Supplemental Security Income / Welfare to make payments on these houses so they can eventually own these homes.

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It is really a rarity today for any home to go to up on the auction block due to back taxes not being paid. Today, homes going to auction are those wherein the property possessor has stopped making their mortgage payment to the bank or mortgage holder.

Any system that 'allows' homes to be sold to people on income too low to afford this in a conventional manner is a mirror of EXACTLY what happened and got us into the mortgage mess. It was the government that decreed to the lenders that they had to meet a certain quota of loans made to the 'disadvantaged' in order to get funds from the government thru Fannie Mae and Freddie Mac. This was the creation of the 'sub-prime' and Alt-A mortages and look what has happened.
These are the cold hard facts. Check it out.
Government, the same people who are still in charge - congress, were the ones who caused this mess by their interference in something they knew and still do no know anything about.
If you can't afford it, then should not be able to purchase it until you can.
0 votes Thank Flag Link Wed Mar 25, 2009
Dont know if that is a real life situation - but yes- in theory !
0 votes Thank Flag Link Tue Feb 17, 2009
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