Housing morals can strain friendships

[biosurfer1]

I keep my mouth shut because it wouldn't do any good, but I really question some of the morals of my friends.

The whole "where is my bailout" mentality lately really bugs me, especially for people who don't need it. If my bank got a hold of me and offered to lower my payments/principal/etc I certainly would not object, but I have not pursued it on my own (not holding my breath the bank will call anytime soon). I signed a contract to buy a house for a price that was fair and I can continue to afford the payments...why exactly do they owe me anything???

Some people cannot truly afford the payments, laid off/reduced pay or whatever and thats fine. They need help and can ask for it if they want....I don't have a problem with that. What I do have a problem with is the people who signed ARM mortgages, put a ton of money down or have lost a ton of equity and think those are reasons for a bailout. They get frustrated with the banks taking so long to get back on short sales or modifying a loan that they forget the banks could say "screw you, you knew the risks" Then, of course, they would just walk away from the house since they have almost nothing into it and thats what they do these days.

I have a couple friends in this category and it really bugs me when they talk about it...so much so I have reduced spending time with them. I guess I come from a family that something like this would not be seen as a proud moment and certainly not talked about.

I know it would suck big time if I lost 30-40-50% of my houses value (I have lost a bit, though not as bad as some) , but that is a risk I took and researched a long time where I was moving so I knew if that happened, I would be ok staying there.

I know there are reasons for having to walk away from a house and not everyone is in my situation, but I wish they would keep it to themselves because not everyone feels like they are "owed" as they do.

I want my friends to be happy, but when the perpetuate a downward cycle that won't stop until people like them stop doing what they are doing, it's tough to deal with.

Anyways, rant over

[Tobra]

You were shopping for a long ass time, just be glad you did not buy that place in N Natomas with the roof lower than the levee. Have you planted any fruit trees yet? It is almost like free food.

Brett, how is the car with the hotted up motor?

[Jagshund]

Your friends apparently do not hold themselves accountable for their own actions whereas you do. Just nod your head & keep quiet while you're around them and you'll avoid the headache of having to explain the rarely-displayed concept of personal responsibility to them.

[Superman]

Same as my comment in the other thread. Why would I use "honor" in my dealings with the bank, when I know for a fact that consideration is not within their decision-making criteria. They (banks) will use any and all lawful means to protect or improve their financial position. And if I use that same criteria, I am somehow immoral? Pure BS. What is good for the goose is good for the gander.