Quote:
Originally Posted by sherm
That's my position and it sucks..But in the end, people need to be responsible. The same people who got everybody in this mess, are the same ones that are going with the buy and bail. When you pay your home loans for years, your amount owed shrinks..That way even if you're down from the initial buy price, at least you might not have to come out of pocket to sell.
Maybe I'm odd by sticking it out through these shitty times, but I take responsibility for my actions, as everybody else should.
As for the people saying "good" and "fuck the banks"...I can only assume that you do not own a home. And Tony... Think about it man. These people shouldn't have bought homes if they couldn't afford it. Common sense goes a long way. Unfortunately, not a lot use it, and that is what caused the downfall of the housing market. 
I can't wait until these assholes get prosecuted on mortgage fraud charges.  |
I think a lot of people bought a house thinking that in 3-5 years it will have gone way up in value and they would sell it before their variable rate or interest only loan kicked in and increased their payments. What a lot of them didn't realize is that a ton of other people are doing the same thing so the market got saturated. I also think a lot of people underestimated how much the payments on their load could change. I think people thought their payments might go a up a little bit, not double. Either way when you buy anything that can increase or decrease in value you take a risk. Typically real estate is safe if you hold it over a long period of time.
I do think that the people who are now seeing their payments double should be given a chance to get into a fixed rate mortgage. If you have paid on time for 4-5 years I don't see why the bank should just refinance you at a fixed rate so you can keep the house for many years to come. That seems like a better option than letting it foreclose, lose value and waste money.