Friday, December 18, 2009
In the hideously depressed real estate market out here in AZ, everyone I know owes more on their houses than the houses are worth—even those who did not refinance during better times.
Yeah, great little investment there. Remember when people said your house was an investment? Yeah--pretty funny.
Now it’s an albatross.
Still, most people I know believe a deal’s a deal. You bought it, you pay for it.
Yes, the rules have changed and yes, the fat cats are still raking while we are baking.
Don’t you love how all of a sudden these bankers could whip up billions and pay it back so they could give themselves bigger salaries and bonuses or hire some guy who makes a thousand times what you do?
But there is something inside many people that says don’t break your promise. It's called integrity. Can integrity be wrong?
It’s a tough call. And remember—some states have laws that let the banks come after you and take your car or bank accounts if you walk. Be careful and do your research if you are making this “business decision.”
In my case , my mortgage payment is about what I would have to pay to rent a house. In other people’s, though, they could bank $1000 or more a mo by renting and need that money for food and clothes for their family.
Bank. Jeez, don’t even say that word.