What people who lived beyond their means have done to you? Who spent the money? You borrowed money because YOU thought your property would pay it back for you. Guess what? YOU were wrong. If YOU listened or followed bad advice or YOU made a bad decision, how is that someone elses fault? You gambled, You lost......Your original investment is still worth over twice what you paid. Wish my stock was ,wish my car was, oh wait, sometimes things lose value, guess I better not borrow against them.....
That's OK though, your backwards state helped elect the greatest man who will turn our country into the largest welfare nation on the planet.
Thanks, I can't wait until California falls into the Pacific.
I know others that were proud of the fact that they neven leave equity in their house. They borrowed every cent to use for investing in stocks. We all know where they are now. No home left and not much money.
You already TOOK $325,000 in equity out of the home... (remember the two times you refinanced, and too cash out?)... so in effect you'd be making $634,000 for your home if you sold today.
The fact that you've already spent your "cash out" isn't the fault of the economy, or of those who lived beyond their means (which appears to include you).
You've got no beef.
But, remember, that part of the reason why your house appreciated so much in the past few years is because of those "people who lived beyond their means", which allowed you to refinance and obtain that additional equity. In essense, those same people who "benefited" you, are now "hurting" you. You did take advantage of that boom, but as in every boom there is a bust.
So sorry for your situation, but the truth is we can't live under the same expectations from years before. That's why everytime I hear "now, now, now" or "buy, buy, buy", I take a deep breath and assess my own situation. Bottom line, listen to others advise, but look out for your own interest in the end. Because, if we don't, this will just repeat itself in a few years.
Hope that helps.
Makes me crazy too. I don't believe in rewarding recklessness, greed and carelessness, which I believe is what we are doing with this stimulus bill. Now that it is passed, we can only hope that it is has some successin stopping foreclosures and vote those legislators who agreed to it out of office.
I may not have a popular opinion, but I will share my thoughts with you. I believe we are blessed to live in a society where anything is possible. Our capitalist and democratic system is what brought my great grandparents to this wonderful country (legally). Our system is not perfect as it is run by people, but iI do believe it is one of the best models in the world. The downside to our economic system is that it is cyclical. They are periods of propsperity and down times. I was born and raised in Massachusetts and owned two homes while living there. Both homes at one point in time, were worth less than what I paid for them. To be able to refinance and take advantage of a lower rate, I needed to pay down my mortgage significantly as the property values had deteriorated. In the end, it was the right decision. The local market rebounded and I still had my house and equity. Hang on, things will turn around and you will be sitting on a great deal of equity. The climate is very frustrating as your asset being devalued by the greed of some. If you can, ride it out. You have to pay to live somewhere, so keep paying to live in your home, which in the end will benefit you.
Idealogically, I may not agree with the bailout and rewarding those who were careless and reckless. However, there may be some upside to all of us. Once the foreclosures are under control, we will likely see an increase in home values.
To your success,
I know exactly how you feel. Many of my clients have felt the exact same way. What they have found is that in many cases they can speak with their lender and try to work out an arrangement in which their mortgage payments are more affordable.
Experience shows that everybody's situation is different, and while you have outlined a scenario that almost every homeowner is facing right now, the big variable is what your specific financial situation is. What I do, as a Certified Pre-Foreclosure Specialist (CPFS), is I sit down with my clients and have a strategy session to determine what the best course of action is, based on their unique situation.
I understand you are frustrated with the housing crisis, the economy, the lending practices of the past several years, home values, and the uncertainty of the future. It appears that things are being done by the government in the form of this week's housing rescue plan, the stimulus bill, the TARP funds, etc., to try and help homeowners just like you. I certainly hope some of these actions will help folks in situations like yours.
If you would like to take advantage of my consultation services in determining what options you may have, I would be delighted to have a strategy session with you, too.
Please feel free to contact me at your convenience.
All my best,