What happens to people who bought and mortgaged a home 3 years ago?

Question

And now the mortgage is higher than the selling price? How do you deal with that?

Answer 1

if they could afford it, they're doing fine....

if they couldn't afford it, they're in trouble....

....same thing as throughout history....

There are plenty of people who have 100% less than you.  Go ahead and give them 65% of what you've got and then start telling others what to do with theirs...

Answer 2

They deal with that by riding the market out. The economy will increase soon enough. If the government bailed out every homeowner whose mortgage is larger than the selling price the market would completely crash.

And the government doesn't need to take care of the people, we need to take care of ourselves.

Answer 3

bummer, you lose everything

thank the reps for this S**t

Answer 4

My property went through that in 1987, I didn't run to the government to bail me out of a financial decision I made.. I simply took responsibility put money and "Work" (I know a hard word to comprehend) and the house was soon right side....

Yes tax the rich....(clueless about economics are you)..

John Edwards made quite a profit as a lawyer for the sub prime market.....

Answer 5

why the h**l did u mortgage ur home are you am imbecile?

Answer 6

Republican answer: who cares... deal with it... if the whole market tanks... they deserve it...

Dem answer: work on giving them some help to get them through... not paying off the house for them... but a little help could go a long way in stabilizing a somewhat unstable real estate market...

Answer 7

How is it fair to tax rich people, who already pay a higher tax rate than everyone else, and give the money they earned to people who made bad decisions.  If you do that you'll encourage people not to invest their money in the US and for people to continue to buy houses they can't afford.

Answer 8

You keep paying the bills and look forward to the future when the house will again be worth more than you paid for it.

You want to take money from smart frugal folks and give it to morons?  What planet are you from?

Answer 9

You make your own decisions and take your own consequences...that is the law of reality...you don't take...

Answer 10

They're screwed.  Their fault.  Their problem.  Their bad decisions.  They should learn from their mistakes and not look for a bail out.

Some of these people bought houses for $400K and make $18 per hour.  How stupid are they?

Answer 11

Actually, raising the Capital Gains tax would limit the number of folks "flipping" houses etc., for profit, which is one prime reason why the lending market collapsed like a house of cards.

Answer 12

Is this the Venezuela forum?  

It's called economics and it happens all the time...we're in a cycle, and currently, in the trough of one.  

Taking money from the rich in order to "help" those who are in the downturn of an economic trough is the stupidest and most short sighted thing I've ever heard of.  Real Estate is a fixed asset that will ALWAYS appreciate in value, regardless of quality or location...remember, they don't make land anymore.  

And since when was turning a profit a guaranteed right in home ownership?  

Leave economics and policy to the big kids.  

Good call whimsey....stifle economic growth.  That'll teach 'em!  Punishing people for making money...everyone knows the American dream is to lead a life of mediocrity.  

Unreal.