New York Budget Mess – Tax Baby Tax

The City and State of New York, in hopes of closing a $9.2 billion budget gap are proposing the following;

1. Tax alcohol – Don’t worry it will only cost about $.10 more for a beer.
2. Remember the Soda Tax? – $.01 and ounce of sugary soda or really $.12 a can.
3. The $10 pack of cigs? Although a pack of smokes now costs $10 in New York City, should this budget proposal pass a pack of cigarettes will cost $11. $3.75 in taxes on cigarettes will be the new national high. Note to self, stop smoking cigs and start smoking weed. It would be cheaper.
4. Mortgage recording fees – The housing market already sucks so charge the people who can actually afford a house an extra $.20 per $1,000 of the mortgage value. So a mortgage for $300,000 will now cost an extra $60.
5. $100 increase on new vehicle document fees – Don’t worry it will only be on select models that have yet to be determined.

Should the above “proposals” be implemented it should only leave the state scrambling to find another $8.5 billion dollars. In an effort to run for public office in the City or State of New York I will propose the following in order to get the support of the Democrats and Republicans alike;

1. Tax shoes and sneakers $1 a pair – New Yorkers walk everywhere and why should we leave all that money on the feet of New Yorkers?
2. Raise sales tax – $10% sounds about right until we realize it won’t be enough and raise it to 15%.
3. Charge $.25 to call 311 – I’m running for office, I don’t have to explain!
4. Charge $1 to enter Public Libraries – Reading is not only fundamental but comes with a price.

The above is only a few things this politician in training can implement. I can go on but fear a rival may catch wind of my inner thoughts and use them against me. Until next time………

Walking Away From Your Mortgage

It can be argued, quite effectively, that mortgage lenders wrote many loans that should not have been written in the first place. This is nothing new and has been well publicized in the papers as well as news broadcasts around the country.

However, I’ve been reading more and more about people just simply walking away from the mortgage. Many homeowners are finding that they owe more on their mortgage than the home is worth or even after a loan modification they cannot keep up with the modified payment.

Today I came across an article in the New York Daily News in where a homeowner stated that it’s not fair that he’s making payments on a home. “It’s not fair that I have to pay this for a one-and-half-bedroom home. It’s not worth it.”

I am not arguing the fact that mortgage lenders allowed people who couldn’t afford homes to purchase homes but where does personal responsibility come into play? This mentally challenged or non politically correct term of retard feels he’s paying too much for his home even though he knew what he was getting himself into. Even if he had an adjustable rate mortgage he had to know that his payment was going to eventually increase!

So if you can’t pay your mortgage, walk away from your mortgage? Again, I’m not arguing that mortgage lenders put many of these people into a non winning situation but the idea and promotion of a person walking away from their mortgage really gets under my skin.

Let’s say a person knows that after taxes he earns $2,000 a month. He signs on for a mortgage with a payment of $3,000 and it’s the total fault of the mortgage lender? NO! This person knew he couldn’t afford the mortgage payment let alone property taxes, homeowner’s insurance, heating and cooking gas, utilities and all the rest of the monthly obligations and expenses that comes along with home ownership. Hey genius, how about daily living expenses and that other thing everyone needs to live on. What is that? Oh yeah food!

So this moron signs on for a mortgage payment he knows he can never afford to begin with yet I’m supposed to feel sorry for this moron. In reality there is no need to feel sorry for him as he can simply walk away from his mortgage. “My home is only worth $200,000 and I owe $350,000 I should just walk away from my mortgage.” People like this should not be able to simply walk away from a mortgage.

This mortgage should follow him like a case of herpes. Let the bank foreclose and sell the property at auction. Whatever the difference is between the sale price and the outstanding amount on the mortgage should have to be repaid or least half and in no way should be forgiven. Banks are not in the business of foreclosing. Instead of walking away why not ask the lender about a short sale?

There is a big difference between financial situations changing and knowing that you couldn’t afford the mortgage to begin with. No one and I mean no one should be able to simply walk away from their mortgage.