My mom lost her house due to the economic crisis with this new plan will she be able to get her house back?

Aletha
My mom lost her job she with this whole economic crisis so she was not able to make the mortgage payments she lost her house due to foreclosure. Now she has a job and would be able to make the payments if it was refinanced to the new value? Wouldn't it be better if the government or someone does something so she can get it back?

Aide
Let me help you understand, your mom did not lose her house due to the economic crisis. She lost it because when she bought it she knew she could not afford it and still went in debt to get it. This is the reason why there is an economic crisis, lots of americans live beyond their means and now it caught up with them. She will have to start by living below what she earns. Cash is King.

Alene
No, she can't get the same house back. She will have to start all over again. Perhaps it would be better if the government did something but many of the citizens don't want the government to help anyone with funds for housing. You can see it all over Yahoo Answer.

Apolonia
Yes. As long as the house is on the market and your mom can qualify for a loan and has the proper down payment, she can get the house back.Since it's very unlikely that she can meet all these criteria it's not likely to happen.She might be better off renting for a while so she can save up money for a down payment. If/when she does have the money for a down payment she needs to make sure she has some backup money in case she loses her job again. Nobody should be one paycheck away from defaulting on their bills.The answer to your second question is a resounding NO!The government should not be subsdizing people's house payments. First of all it's unfair to people who have been wise with their money. Why should they pay taxes so the government can give that money away.Second and more importantly, the financial crisis will not really heal until the housing market has reached a bottom. If the government subsidizes the market they won't ba able to keep it from going down. They'll only be able to slow its fall. Until it reaches a natural bottom people won't start buying houses like they used to. Face it, people still need a place to live. They get transferred or their family grows. They retire. Until houses reach a fair value many of these people will put off their plans to but a house.

Avril
Unfortunately she now has what is called a 'bad credit history' and that makes her a high credit risk. It will be extremely difficult for her to get a mortgage again. If indeed she is able to get a mortgage at all she will need a huge deposit paid in advance and other security too and a long credit history.As this is so soon after the recent events this just isn't going to happen. So sorry to hear this has happened and although you as a family are not alone it is of little comfort. Many people are going back to renting and taking in lodgers and doing odd jobs and doing job exchanges eg babysitting for decorating instead of money exchanging hands. So be realistic, its a changed world.Good Luck both of you.