There are so many stories in the media depicting banks and other lenders as predatory monsters for trying to foreclose on people who haven’t paid their loan as promised. It’s easy to see them as villains, forcing a family out of their home.
I know there is real pain out there. People who have been laid off from long term jobs that they held. Medical bills, investments that didn’t turn out, bad luck, and bad decisions. I truly feel for them.
But I can’t get my arms around the belief that if you can’t or won’t pay your mortgage as you promised with your signature, that you still have the right to own the property.
I’m all for lenders working with people who have had unexpected loss of income to stay in their homes, but in the long run, if they don’t pay, they lose the right to live in that home. All of this is spelled out in the documents you sign at the loan closing.
Banks and other home lenders are businesses and have made the middle class dream of home ownership possible and have every right to operate and make a profit, and hold people responsible for the promises made and documents signed. That’s my take – what’s yours?
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