Yankees Rule
Recycles dryer sheets
- Joined
- Oct 14, 2008
- Messages
- 73
Back in 1996 when we sold our townhouse for 122K and owed 126K I had to bring a check to the closing for over 6K. We had purchased the townhouse in 1987 at 150K and the place lost value at that time, the last housing downturn before the run up. We never complained we just worked more saved more money paid our mortgage never took out home equity to buy Stuff and then bought a new house that was 245K that day and put down 20K that we saved and lived in it until 2006 just before the market died and sold it for 550K. Again we had never taken out home equity and when we sold it we owed 211K. Our new place has lost value, we bought for 335K and if we had to sell maybe 270K but we have no mortgage and no home equity lines on the house taxes are 250 a month so why should we bail out homeowners?? Why can't these people pay their mortgages and refinance?? Crazy, but I lost money back in 1996 on that townhouse but never complained. Am I being stupid for not wanting the government to bail anyone or any company out??
http://www.nytimes.com/2008/10/31/business/31bailout.html?hp
Kinda see this happening in many places..
http://www.nytimes.com/2008/10/31/business/31bailout.html?hp
Kinda see this happening in many places..