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View Diary: OR-Sen: Jeff Merkley (D) Pushes For Mortgage Refinancing Bill (13 comments)

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  •  I'm sympathetic to the underwater. (1+ / 0-)
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    Odysseus

    But I really wish there were help for someone like me.  I've done quite well paying off my mortgage, so well that despite a 25% drop in my home's market value, I'm still ahead.  But that doesn't change the fact that the price of my house (bought in 2004) was almost certainly inflated due to the rampant mortgage lending fraud of that era, and the fact that my mortgage payments on that inflated price take money out of the economy that could be going to help create jobs.

    Again, I'm sympathetic to those who are underwater.  But there's no help for me because (apparently) I've been too responsible in servicing my mortgage.

    The road to Hell is paved with pragmatism.

    by TheOrchid on Fri Feb 01, 2013 at 10:40:32 AM PST

    •  It's tough to see through the smoking ruins (3+ / 0-)
      Recommended by:
      TheOrchid, Odysseus, llbear

      left behind by the corruption, but there is a silver lining for you.

      It's highly likely your neighborhood will not melt down if your conditions are as you state. Your property values are pretty much stabilized. And your neighborhood still has a sense of cohesiveness with police and fire and operating businesses.

      There are other people who aren't so lucky. Their neighborhoods have slowly disintegrated before their eyes and they cannot get out. So, not only do they have an almost worthless property value that is still falling, they have to deal with the vacant homes, blight and criminality that is encroaching and consuming from all sides.

      Take a look at the homes in Detroit sometime. Drop dead gorgeous properties that someone maintained very nicely until just a few years ago. $1 here. $500 there. But, no police or fire protection anymore. A city of a million people that just up and died. WTF.

      The saddest part for me is to see the bedrooms in foreclosed homes. The kids' rooms are always the ones that hit me the hardest.

      There will be big winners and even bigger losers at the end of this shakedown. So, like many times in life, it may appear that the grass is greener on the other side, yet your own blessings are often disguised.

      Don't mean to be preachy there...


      One may live without bread, but not without roses.
      ~Jean Richepin
      Bread & Roses

      by bronte17 on Fri Feb 01, 2013 at 11:00:49 AM PST

      [ Parent ]

    •  There's no help for you (0+ / 0-)

      because you were fortunate to be able to buy at an earlier time.

      If you lost your income tomorrow, you would be able to sell your house, pay off your mortgage and walk away.

      I doubt you have the fiscal wherewithall to cover your mortgage if you lost your income.

      Younger people, raised on the idea if you could no longer afford it, you sell, bought into the market at higher rates than you because they had no other choice, then suddenly discovered they could not sell when they lost their jobs.

      You have been fortunate, not smart or particularly responsible.

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