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It is borrowed money that will have to be paid back by the few people in the United States who --do-- pay income taxes.
aka-----"the responsible citizens"
Yep, you nailed it.
...and our children, and our grandchildren. Yes, OP...we ARE paying for your mistakes. Where did the money from your HELOC go? That's what I'm interested to know.
Yes we are. Thanks ever so much. We're paying in far more ways than simple reduction in home values.
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..however foreclosures will affect your property values.
So? I didn't buy my house in order to turn around in a couple years and resell it for a profit. In fact, I paid cash for my house so I don't give a crap what it's "worth" on paper.
Quote:
Of course no-one promised you that your home would ALWAYS go up in price EVERY year...
Again, who cares? I haven't complained about the value of my house because frankly it's not an issue for me.
Bad decisions on your part should not be cause for financial outlay on my part.
Translation: I don't want to pay for your financial irresponsibilities.
The problem is no one cares what you want and to the government your just another revenue stream. The problem is that business decisions typically have no moral basis, they are amoral. It is a contract that provides for specific remedies in cases of default under the law and that's it. The reality is that the bankers lost their money gambling because that's what loaning the money really equates to. They evaluate which slot machine to put their money into and that's who gets the loan. They lost money on their bets and now they want us to pay them back. If they were individuals we would say too bad but since they control our politicians we are going to restore their positions. As far as you being pious and doing the right thing and saving, no one gives a rats azz. The government or banks will do whatever they need to do to cover their positions right down to what is happening now with the bailouts coming from your pockets. So either way you lose. So what do you get for your good decisions, nothing, except some self rightousness and forum pats on the back. Thats why in religion, the rich guy goes to hell to revenge the pious on the earth who got the shaft and keep them from hanging the bankers and politicos from lightposts. Basically the whole system stinks, it was rigged from the beginning. I wish I could go to vegas and like the banks buy insurance to cover my losses and gamble with wild abandon and then come home file a claim and count my profits cause there could be no losses. Oh, but they tried that and there wasn't enough money to pay the claims and the system crashed but hey they are gonna use the govt. to make us pay the claim .
What a racket.
Jeez people! I'm waiting to read on an actionable item out of curiosity, you know for edification purposes? Why do some posters use this particular forum to pontificate over who did what? I don't see the OP coming here all huffy and he gets beat up upon. Does that help him sell the house, modify his loan, etc.? If you want to get your ya-yas off over the mortgage crisis and go on a blame fest, there's plenty of that to go around in the Politics forum! Either be helpful and provide info like the others do or simply say nothing!
Jeez people! I'm waiting to read on an actionable item out of curiosity, you know for edification purposes? Why do some posters use this particular forum to pontificate over who did what? I don't see the OP coming here all huffy and he gets beat up upon. Does that help him sell the house, modify his loan, etc.? If you want to get your ya-yas off over the mortgage crisis and go on a blame fest, there's plenty of that to go around in the Politics forum! Either be helpful and provide info like the others do or simply say nothing!
I would think that anyone coming to this forum and even suggesting that they should walk from their mortgage would be getting hit with food and rightfully so. What do you think they should get? A round of applause?
I would think that anyone coming to this forum and even suggesting that they should walk from their mortgage would be getting hit with food and rightfully so. What do you think they should get? A round of applause?
No, not a round of applause but some help. Note that Wachovia cannot produce the document they need to establish an appraised value, which could be a start. I think OP wants to sell properly, never once made an excuse for anything. All I'm saying is that assigning blame, granted everyone's ranting, and that includes me, is not going to find a solution, that's all.
My husband and I were laid off in 1995 and 1996 within 6 months of each other with a first at 9% and a second at 14%. For me being out of work for 18 months and he making a $14 an hour job out of state, we were not late ONE day in our mortgage until we finally got to sell the house. Ya think I'm happy with all of these???? Just saying that doing just that in the forum does not help at all.
Jeez people! I'm waiting to read on an actionable item out of curiosity, you know for edification purposes? Why do some posters use this particular forum to pontificate over who did what? I don't see the OP coming here all huffy and he gets beat up upon. Does that help him sell the house, modify his loan, etc.? If you want to get your ya-yas off over the mortgage crisis and go on a blame fest, there's plenty of that to go around in the Politics forum! Either be helpful and provide info like the others do or simply say nothing!
Well that set me straight.
Dear O.P. There is a little known law with a loophole that lets you skirt around the system and walk from your mortgage scott free. Get there quick before they shut down that loophole and make you pay your bills.
You aren't.....however foreclosures will affect your property values.
Of course no-one promised you that your home would ALWAYS go up in price EVERY year...
Can you sell off the land to pay your debt? If so you need to stepup and pay your debt.What your saying is I used equity in my house to buy land and improvements ;how want to skipout on the debt on the home.No different than AIG;if everyhting had gone right. you were too leveaged just as they were.Your problem is that your not too big to let fail.Sorry for your luck.
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We're paying in far more ways than simple reduction in home values.
