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Sunday, October 19, 2008

Should we all just stop paying the mortgage?

If you have not read this article, you need to.

I don't normally rant but I can't let this go by without comment.

I hate the fact that we were responsible when we purchased this house 5+ years ago. We had a decent down payment from the sale of our previous home (which we skimped and saved and even borrowed from our 401k to make a down payment for 11 years ago) and qualified for a much larger mortgage but we chose not to overextend ourselves.
We thought about all the scenarios that would make buying beyond our comfort zone wrong; taxes going up, job layoff, injury, etc.
We looked at a couple of REALLY nice new homes that would have been SO AWESOME to live in but in the end....WE WERE RESPONSIBLE.
We made good choices and now we are being punished. We're paying for these people who decided that they needed a "McMansion" in the new subdivision carved out of the farmer's fields that he had to sell because farming just didn't pay the bills anymore.
We were responsible and didn't take out a home equity loan to remodel even though we have equity....we were responsible!
We didn't make ourselves "house poor".
We pay our bills on time, we don't go and buy the latest and greatest this to hit that market. We don't go out to eat. We don't go to the movies. We haven't had a vacation out of the state in 10 years. We're careful with our money.
But now I wonder, why? Why should we have skimped and saved and denied ourselves all the luxuries our credit would have allowed?

1 comment:

Bleubeard and Elizabeth said...

I wonder the same thing. I wonder why the people who live in my neighborhood who got a mortgage they can't afford, are going to get financial help with their mortgage when I get nothing. I wonder why my house is valued less than in 2001 when I refinanced it. I wonder why I live below the poverty level but don't qualify for any government help because I actually own (along with the bank) my home. I wonder why we aren't out there screaming to our elected officials who have gotten us in this mess over the years.

Thought provoking and enjoyable read, Halle!


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