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I would simply ask for a better deal myself. In my view, intelligent people don't worry about what others have or get. To do so isn't cool.
Will you be pissed if your neighbor who is about to get foreclosed on gets a new interest rate a point or two lower than yours???
I would simply ask for a better deal myself. In my view, intelligent people don't worry about what others have or get. To do so isn't cool.
Good question, difficult situation. Your question betrays your typical right-wing, punitive, -'em-all-to- "values".
Would your rather have your neighbor renting somewhere, maybe homeless on the street, with their ex-house shuttered up, with the lender-owner under-maintaining it, and dragging down further your already-dropping property valuation, which is exactly what is happening in many neighborhoods, even gated McMansion neighborhoods?
that I wouldn't live next to poor people
- whottt
It's a tough question thats why I'm still sorting through it.
Heck yeah, I'd be pissed! This is what's irritating me about all these bailouts - companies or individuals.
I have been responsible by doing my research and managing my money well the last few years. And I'm working my way out of debt ON MY OWN. I don't have a husband to bail me out. It's all me.
And someone else comes along, buys a home 3 times what they can afford, complains when they can't pay the bills because it's someone else's fault (like the mortgage companies), and then they get a break with a lower interest rate. It's disgusting.
With that being said, if my neighbor got a better rate, I'd also start searching for a better rate.
So, it's not OK to be pissed that irresponsible people are getting the breaks, while the responsible ones are being told, "Sorry, but we can't help you?"
It's ridiculous.
If they're getting a point or two below you, then you haven't been on the ball enough to refinance when you should have, and that's your own damn fault. Worst case is they get your rate. It's better for that to happen then for a bunch of houses in your sub to go into foreclosure. THAT would be bad.
This hypothetical neighbour will not only get a much lower interest rate, but will have a much lower principal, too, dragging down the value of your home. Yes, we should be angry, but the alternative would be even worse for you. Who should be happy about a $1 trillion bailout? I don't belong to the "deficits don't matter" group. In the long run, this (and all the tax cuts being promised which will be paid for with more deficit spending) results in increased taxes. If we were responsible like KM wants us to be, we would support taxes to keep the deficit from skyrocketing.
Yeah...I guess if you've been paying on your house than you'll definitely qualify for refinancing on your own. Haven't looked into it too much since my rate is pretty decent <6%.
It's much better for you financially to have them get a better rate and keep their house rather than to have an empty foreclosed house next door. That would only bring down the appraisal value of your house.
I love it - blaming the responsible homeowner for not "being more on the ball" and getting a better rate in this economy!
Just recently, I was looking for a house, and it was EXTREMELY tough to get a loan.
I have NEVER been late or missed a payment, but I was going to be forced to put down a sizable down payment just to be eligible for a loan, while the irresponsible person is being bailed out for not knowing better.
Yeah. That's fair.
Also-- as Americans, shouldn't we be rooting for as many of our neighbors and fellow citizens as possible to keep their homes, rather than against them due to reasons like anger or envy? There will obviously be some who've totally mismanaged their situations and can't be saved, but for the overall picture, I think it's better to hope that as many people as possible can be aided.
Do the responsible ones need help?
The responsible ones want breaks for being responsible.
We want, and deserve, better rates.
Sounds like you qualified for a loan.
These days, that's a break.
The upside for you in this situation (if you're still looking for a house) is that there are suddenly many greatly price-reduced houses flooding the market, and many desperate sellers. If you are patient and really do the work looking, you will definitely be able to find a great deal, and quite possibly could wind up in a much better situation than if you'd purchased one or two years ago, even if you'd gotten a better rate.
Yes, I'd rather be shortsighted and petty and let him get foreclosed on thereby driving down the values of the homes in my neighborhood.
Great thread.
wow. props to WC. totally agree.
The down side is get ready for rent houses flooding the neighborhoods now. To put butts in these houses get ready for low rents and lots of trouble. I have lived on the south side and north side of San Antonio where the renters just don't take care of the house or yard.
"So, it's not OK to be pissed that irresponsible people are getting the breaks"
I assume you are beyond 10 years old and have realized life isn't fair, but that's apparently a wrong assumption.
"while the responsible ones are being told, "Sorry, but we can't help you?" "
oh-so-responsible one, you want, even need, help? It sounded like you were one badass, mythical, go-it-alone, rugged invividualist who makes her own breaks and doesn't need or want help, but I guess I'm wrong there, too.
You are. I already answered that question.
That's like asking if you'd be pissed the neighbor is nailing the hot chick down the street. Don't be a player hater.
Sounds like what got this whole mess started in the first place: trying to qual people who really couldn't afford a home. Belatedly, it sounds like they're tightening the criteria to what they should be. Sucks for you right now, but when you can afford a home, REALLY afford it, you'll get one.
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