Am I a bad person for losing my home?
Tony really makes a good point here. I know that I have adjusted my thinking on this topic in the last couple of years. Perhaps if lenders made modifications less difficult, things would not be so bad for some home owners out there.
Am I a bad person for losing my home? Hell No!!!
We all got caught up in the most horrific and legal Ponzi Scheme in the history of humanity! The Federal Government, lead by both parties, made it a goal to make home ownership possible for everyone. This lofty yet unrealistic goal lead to prices rising for 3 straight year at about 27% 22% then 18%. The last year of this rise was 2005. Prices continued to rise for another year and a half even though the market had already began to collapse.
It is wrong to blame a person that bought a home out of fear and paid $700,000 only to find the value to be $300,000 just 2 years later. Even if this home owner could afford to pay the mortgage they would be burning up their family's future. It may be honorable to pay a mortgage of over 2 times what the home is worth but is it wise?
These were people that had a choice but how about the person in this situation that have lost their jobs or had other catastrophes hit them? Should they be crucified for being unable to sell the home at a price that gets them out of debt? I think not!!!
Have a Happy New Year
Your Friend & Realtor,
Tony Lewis * RE/MAX of Valencia, Ca. www.TonyLewis.com tonyglewis@yahoo.com 661-702-4720
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