When the housing market come crashing down on American's they were left with what seemed like a heartfelt choice from the Obama Administrations the "Making Homes Affordable" program. This program is expertly marketed, commercials showing heart-breaking stories of families just like you and I, struggling to keep their homes and their families together. You have probably even shed a tear watching or reading about these success stories like I have. But if you look at it from a lower-middle-class perspective, you start reading between the lines and notice that these people live in pretty modest homes, have a solid income, their savings account is probably worth more than the average American's home. Their home is more than likely appraised at $250,000 or significantly more. And what about their material items? HDTV's in every room, state-of-the art appliances, furniture, lavish flooring, window treatments, they may have two or three cars in the heated integral garage, they are all wearing the best clothes, the most expensive jewelery, the best education for their children. These are individuals who have clearly taken on more than they can afford.
Take a look around an average American's home and personal belongings. Their home is typically appraised anywhere from zero to $90,000. You're lucky if you have a car, and if you do, it's not very reliable. You shop at the thrift stores, dollar stores, and Wal-Mart. You sell your old dusty shit on eBay, or your most prized possessions like a comic book collection or coin collection, just to pay the bills. You work for peanuts. You're health-care is shoddy, if you even have it at all. Your clothes are worn and your children attend public school. Starbuck's is a luxury and you cannot afford it. Everyday has been a struggle and you know tomorrow will be even more of a struggle.
Both scenarios apply for the Making Home Affordable program. Scenario B, the lower-to-middle income bracket, applied in June and they were denied on the consolidation program. They are still waiting on the outcome of their loan modification program. They have faced foreclosure twice since they had applied. And will soon be facing it gain. I know a couple who were harassed several times a day, everyday, by their mortgagor's collection team. They would call twice an hour, and on a good day, every hour on the hour, just to let my friends know they were late on their mortgage payment and when can they expect a payment. When my friend responded, "What about the status of my loan modification?" They would get the typical, "I'm sorry sir, it is still in review." In review for nearly 7 months. Just recently, my friend's tried to get a state loan through a local government program. Their counselor had said that he did not know of one household who was approved for any of Obama's Making Home's Affordable programs. Not one. And she advised my friend's to call their State Senator and complain about how long the process is taking. Not their mortgage company as it has no control over this process. Oh, and by the way, my friend did not qualify for that state loan because they did not make enough money. I am willing to bet that Scenario B will be denied on the Obama program as well.
And Scenario A, well, let's just say their asses will still be pampered. They meet the acceptable income bracket and don't have to pay for shit anyway. Give it to them, they clearly don't need it.
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