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where is the corresponding program for ordinary people?
current guidelines for mortgage assistance makes people with mortgages up to $729k eligible for government assistance. Does anyone really want to make payments for someone living in a 3/4 million dollar home? how about downsizing? I realize it may be somewhat of a culture shock for these fat cats to lose their mountain or ocean view, or that they may not really want to live in a normal non-rich neighborhood, but how many regular people could save their homes with the proceeds it would take to save one with a balance of $729k?
3 Answers
- Anonymous1 decade agoFavorite Answer
Poor people get a free ride. Rich people get a free ride. Middle class workers get the bill.
- AnnLv 71 decade ago
This is not about helping rich fat cats who are so spoiled that they don't want to sell their big home. This is about our economy. The larger the property values, the more property taxes paid to the government. The more property taxes paid, the more services the government can offer. Property taxes support police and fire and schools, etc. So, more property taxes paid equals more jobs for our struggling economy.
People will not purchase homes that they have to pay a lot of property taxes on if they feel their biggest asset, their home, is going to lose its value overnight like they did in 2006-2008. A healthy real estate market benefits the entire country.
You could benefit from an economics class.
So, assistance is only good for the people who don't pay any taxes? It is not to be used by people who have always paid taxes and always have worked?