Many people want “Big Brother Government” to bail them out of the financial mess they created, but if they want “Big Brother’s” help; they need to be willing to do what “Big Brother” says. If you want to buy a house, you are going to need a job. This is one of the first things any bank will look at when processing a loan. If you do have a job, this means you have a paycheck and that paycheck probably has taxes being withheld. Taxes are a fact of life that most people have become accustomed to. It’s one of those facts that help keep our roads paved, our schools supplied with the necessary tools to educate, health and human service necessities, a defense system to maintain the freedom most people take for granted and other necessary
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If the government requires this as one of their stipulations for being approved with an FHA loan, then the people who willingly accept the loan also need to abide by the terms set forth. When pay grades are adjusted, the taxes are adjusted, so then, can the mortgage deductions. By requiring the mortgage to be taken directly off the top of a paycheck in the same fashion as income taxes, we could eliminate several fees. These fees are the late fee penalties, the collection agency fees, attorney fees and other fees associated with being unable to pay your house note on time. We could also provide a lower interest rate that would be the same for all mortgage loans. For households with two incomes, they should have the choice for either both of their paychecks to be “taxed” or just one.
I mentioned this idea to a friend of mine and she reminded me that part of the reason we have a foreclosure crisis is because people have lost their jobs and therefore are unable to pay their mortgage. This problem can be helped by providing a one year clause within the terms of each 30-year mortgage. The one year clause will allow people who have become unemployed to temporarily stop paying their mortgage without any penalties. The one year can be added onto the end of the loan. One year may seem like a lot to some people and not enough to others. I believe one year is sufficient time for a household to recover from the financial loss due to unemployment. The