"underwater" mortgages

Spexxvet · 03-30-2010, 12:53 PM

I'm not sure that I agree with helping people just because they owe more on their mortgage than their house is worth. Unless there has been a substantial change to income or payment, why do they need help? They were able to make the payments when they innitiated the loan, why wouldn't they be able to make payments now? The value of their property is bound to increase in time.

When you drive a brand new car off of the lot, its value decreases dramatically. If you financed the entire amount, you would then owe more than it is worth. There's never been a suggestion that people in that situation need help.

Am I missing something?

03-30-2010, 12:53 PM	#1
Spexxvet Makes some feel uncomfortable Join Date: Dec 2005 Posts: 10,346	"underwater" mortgages I'm not sure that I agree with helping people just because they owe more on their mortgage than their house is worth. Unless there has been a substantial change to income or payment, why do they need help? They were able to make the payments when they innitiated the loan, why wouldn't they be able to make payments now? The value of their property is bound to increase in time. When you drive a brand new car off of the lot, its value decreases dramatically. If you financed the entire amount, you would then owe more than it is worth. There's never been a suggestion that people in that situation need help. Am I missing something? __________________ "I'm certainly free, nay compelled, to spread the gospel of Spex. " - xoxoxoBruce

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