More from Twitter. I got into it a bit last night with @curtisfinancial (Cathy Curtis) over her comment, “Kind of like the hordes of mortgage salespeople selling no income no asset loans,no money down thinking they were helping people.”
Well, I sold those loans. I GOT one of those loans. I wouldn’t be living in my house (5 years now) had I not got one. And that leads me to my question: would I be better off if I had kept renting? Would most people be better off if they had kept renting instead of buying a house?
I used to be sure that the answer to this question was no. As I chat with people out there, though, I start to wonder. Do a Google of “ruined lives” and “foreclosure”. I got more than 3000 hits for that combination. It appears, then, that being foreclosed on ruins your life. This is something I wish I’d known before I made that (in retrospect) silly investment in Payson.
The funny part is, I don’t feel like my life is ruined. I’m not volunteering to lose my home, here, to prove a point, but my personal toxic mortgage, which has just re-set to a much larger payment, may make it impossible for us to stay here. I don’t think it will come to that, but it could. Much of this is my fault, because we did what a lot of people did when we refinanced and took equity out of the home. We had good reasons (we all do). It’s true that even if I had that equity I couldn’t refinance, though, because I’m self-employed and report piddly to Uncle Sam on my taxes, as most self-employed people do. So I’m stuck.
I’m a victim.
And I’d still rather, and my wife would still rather, and all my children would still rather have lived here for the last five years than have stayed in the two rental houses we lived in before this. This is better.
Hence my question: isn’t it better to have bought and lost than never to have bought at all? Is my life “ruined” if I get foreclosed on? Is anyone’s life ruined by this?
I’m serious. What do you think?
Tags: foreclosure, Twitter
Posted on Wednesday, 13th May 2009 by chrisjones
Posted in Blog & News, General | Comments (1)
May 25th, 2009 at 7:05 am
Was searching all over inet for foreclosed houses and got here.Very useful info