Originally posted by John Andre:
"I understand your point Ryan, but you bought the home, you signed the mortgage and therefore it is YOUR responsibilty to make good on your promises regarless if the home is upside down or not. This is just one example of thousands why the RE market is a mess right now. Too many people walking away from their responsibilities when they do have the ways and means to make the payments."
I have to blame part of this mess on the Government and the loan mod companies. The government, all the way up to obama, says we are going to help, the loan mod companies are old mortgage brokers that can not sell a loan right now, so they are following the market into mods to make a buck. The home owner see 100 commercials a day on payments about to adjust, we can help, and the president giving 1.2 trillion because he cares about the home owner, don't worry help is on the way, and they buy into it. But it is not on its way without a price. The price is your credit, and maybe your house, when you find out the bank does not care, and, or watches the same commercials as the home owner does.
I don't understand how you can assign blame to anyone except the home owner. Nobody forces any homeowner to purchase a home or to sign any loan document. With your rationale, we should all walk away from our home, auto, student loans, alimony, child support and any other contactual agreements we made just because we don't like their outcome. Nobody ever guaranties that home values will increase.
