Ok, let me first off say that I’m all for home ownership. Everyone should be able to buy a home and live a part of the American dream. But lets be honest, a few years ago, there were a ton of people buying homes that had absolutely NO business buying a home.

I’m probably one of them. Back in 2003 I bought a house that I truthfully shouldn’t have even qualified for. I had no verifiable income, and my wife at the time was making just enough every month to make one mortgage payment.. Two years later, I got divorced and had to sell the house. I was able to sell it for way more than I paid for it, and actually made a profit on the deal.

Lucky me… 

Color me unsympathetic, but I’m really pissed off that everyone in government thinks we should save all these homeowners because they made some major bad decisions. I can’t blame anyone for trying to save their homes, I’d probably doing the same darn thing…. But its not the government’s job to bail out everyone who made a bad decision.

But I’m not really angry with people that stretched their budgets to try to get into more home than they could truly afford… What I’m extremely angry about is that the banks and mortgage companies ALLOWED it to happen. I’m also very angry at home speculators that drove prices up to begin with. These people DO NOT deserve to be saved from foreclosure. They took the gamble, and lost… Don’t use MY money to bail them out!

Now, we see that huge financial companies are failing, and declaring bankruptcy because of all the risky mortgages they gave out… They don’t deserve to be bailed out either. They took the gamble, and lost.

At the end of the day, if you bought a house, and are going to get kicked out because you can’t make the payments… I feel for you… I really do… It sucks.

Blame the mortgage company, blame the government, blame your realtor… But don’t forget to blame yourself…  You knew you were stretching, you knew that there was a potential that something bad would happen, but you had the thought of home ownership clouding your judgement and took the risk anyway.

At the end of the day, you only have yourself to blame for predicament you are in. Do what you can to save your home, but don’t expect to get bailed out… Start making plans to move to a cheaper place, or rent for awhile.

Its tough, but maybe next time you’ll know better.

This entry was posted on Monday, September 15th, 2008 at 10:27 pm and is filed under Business. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.