Reply to What I don't get: When people complain that they are drowning because their house is underwater

Forum Index » Real Estate

Reply to "What I don't get: When people complain that they are drowning because their house is underwater"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous]
Actually, for generations and generations, people bought a house and stayed in it.  MAYBE they upgraded once.  They bought and held real estate for a long time, which allowed it to appreciate slowly, and at the same time[b] they paid off the mortgage, so at some point they owned the house free and clear (regardless of what it was worth)[/b].  And that is EXACTLY what would happen today - if people paid down the mortgage and didn't worry so much about what the assessment is worth.  This brings us back to the OP's question, by the way.  Homeowners who can make their payments aren't "drowning" because they're underwater.  Sure, they lack flexibility, but that's not the same thing.  Drowning means your income can't meet your obligations.  But inherent in the question is that the homeowner CAN meet her obligations, but is stressed because her house is worth less than her mortgage.  Which stinks, but isn't a good reason to modify the mortgatge, in my opinion.  
[/quote]

This is correct, but, completely OT, this makes me think of Willie Loman.
[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics