As everyone knows Michigan is in one of the biggest housing slumps in all of the us of a. I purchased my home in August of 2007 right before everything took a turn. Fortunately I have been able to rent my home out and ride the wave but others well not so much....
Yesterday I was talking to a friend of mine about wanting to give up her home because it wasn't worth what it was 2 years ago. Umm excuse me? is anybodies home worth what they paid? That is honestly not a reason to let your house go into foreclosure and watch your credit score go up in smoke just because you don't want to pay. I don't profess to be the most moral person but I will own up to mistakes I have made and attempt to fix them.
I think anyone who believes its ok to let their house get foreclosed on really needs to check themselves. There are people out here than really can't afford to pay due to a job loss or an illness, but when none of those factors play a part in your decision it really urks me. I personally don't like having to pay knowing my house isn't worth what I paid but the fact is I do believe the economy is going to bounce back and even if it doesn't I won't worry about it.
I would like to know how many people out there are willing to just throw in the towel would you? Maybe I am missing something but I just think its so wrong. If anybody has any logical reasons for this please fill me in...
Monday, January 25, 2010
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2 comments:
Good post! I agree that when you have the financial means to make the payments, it seems morally wrong to abandon the promise you made when you signed the contract just because the RE market isn't what it used to be. It was startling to me when I contacted the mortgage holder on our rental property to ask about refinancing since we were suddenly stuck with 2 mortgages and not being able to rent the old one out (or sell it since it's the value has tanked), the mortgage company said "Oh, you can just foreclose." What?! I was horrified. A real estate friend advised the same thing. I guess it's a personal choice. Although we are currently stuck with about 50% of our generous incomes going to mortgage payments alone, those are obligations we made, and I wouldn't feel right walking away. (At least that's how I feel for our situation, but I wholly understand that for some people/families, it's more of a question of survival than choice.)
Thank you for commenting,
Thats shocking that someone at mortgage co advised you to foreclose but then again it isn't their credit on the line.
It is a personal choice, and I realize we all need to survive. My friend says she can't afford to stay there with her income but she has a live in boyfriend who supports her financial which is another story.
The house isn't the problem its the fact that someone gets to live in your home practically rent free, don't send down this pitty party woe is me I can't I CAN'T when really you are just being selfish and to prideful to deal with the REAL issue at hand.
oooh it just burns my butter!! lol
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