Am I an idiot to keep paying my mortgage? (What is your opinion on this article and the current financial situation?)?

4 yrs ago we got a mortgage we could afford w/ down payment (30 yr. Fixed), on a very modest sized home. We were doing fine until this year.

With the cost of everything going up, money has been tight - sometimes we pay less important bills late just so we don't fall behind on the house. We've made huge budget cuts and sacrifices and tried to get part time jobs w/o much success. Now I'm wondering, would it be to our benefit to default for 90 days?

It seems like we would get to keep our house and get a mortgage payment that is more comfortable. Something about it seems morally wrong though, & there is the risk that we would lose the house. Curious what others thoughts are on the article, my situation and this whole financial mess.

Asked by Anonymous 37 months ago Similar questions: idiot paying mortgage opinion article current financial situation Business > Financial Services.

Similar questions: idiot paying mortgage opinion article current financial situation.

Keep paying it as long as you can. There are a number of factors at play here. You will need a place to live wherever you go.

You may be paying more than an alternative source of housing, but to some extent you may some day discover that you have built up equity in the property. Housing prices never go down or up forever. Not paying will hurt your credit.

Having bad credit may come back to bite you in the posterior eventually and will certainly make your future uses of credit more expensive, if you can get them. It takes years to clean up bad credit. When the housing market recovers, which it will eventually, you will have a front side seat to profit from the upturn.

You gave your word to the lenders that you would pay on time. I know that may not matter to anyone else, but it matters to you and to me. You are setting a good example for your children.

You aren't making the credit crisis worse. Those are reasons. My adivice is to hang on as long as you can.

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I would be interested in knowing what your income is, as well as your expenses, and I could help you make ends meet. What you probably need to do is create a budget and stick to it, cutting out the frills such as cable, gym memberships, cell phones and bloated car payments. Evaluate the money you're spending on needs vs wants, and make certain you understand the difference between the two, then elimintae or cut back on the wants.

Eating is a need; eating steak or at a restaurant is a want. Water is a need; bottled water is a want. Sell some things around the home that you don't need through e-bay or a yard sale.

Elimiante vacations and cut back on kid's expenses if you have kids, such as eliminating private school for public school. To answer you main question, no, you shouldn't do that. The house is the only thing you're actually paying on that is an assett.

If you lose your home and have to live in an apartment, you'll pay about the same, and end up paying someone else's mortgage. Going itno default volluntarily to try and get that option sounds dangerous at best, and lacks integrity. Schelli's Recommendations Understanding Credit For Dummies (French) Amazon List Price: $15.48 Credit Repair Kit for Dummies CD 2nd Edition (For Dummies (Lifestyles Audio)) Amazon List Price: $14.95 Used from: $7.

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Just shaking my head in amazement. "The program announced Monday goes a step further by requiring homeowners to be late. " LOL .

1 There's another option... Ask your mortgage company to refinance. You might get a better rate and a lower payment if you're well-qualified. If you do go into 90-day delinquency, your Credit Rating will suffer and you may not be able to get credit in the future.At the least, a lower credit rating will cost you in super-high interest and difficulty getting credit at all.

In my opinion, the first step is talking to your current mortgage company (or even another mortgage company) to see if you can improve your situation without injuring your credit rating.

There's another option... Ask your mortgage company to refinance. You might get a better rate and a lower payment if you're well-qualified. If you do go into 90-day delinquency, your Credit Rating will suffer and you may not be able to get credit in the future.At the least, a lower credit rating will cost you in super-high interest and difficulty getting credit at all.

In my opinion, the first step is talking to your current mortgage company (or even another mortgage company) to see if you can improve your situation without injuring your credit rating.

2 The delinquencies would show up on your credit report, and that's going to make your life less fun should you decide to sell the house. It also depends on how bad your interest rate is. The bill is designed to help out people who got stuck with abusive interest rates (especially people who took out loans with low teaser rates, either because they were dumb or because they were hoping to flip the house).

If your interest rate is reasonable you'll have a harder time qualifying for a new rate. And from the article: if your mortgage payment is already less than 38% of your income, the bill won't change anything.

The delinquencies would show up on your credit report, and that's going to make your life less fun should you decide to sell the house. It also depends on how bad your interest rate is. The bill is designed to help out people who got stuck with abusive interest rates (especially people who took out loans with low teaser rates, either because they were dumb or because they were hoping to flip the house).

If your interest rate is reasonable you'll have a harder time qualifying for a new rate. And from the article: if your mortgage payment is already less than 38% of your income, the bill won't change anything.

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I'm really depressed about my financial situation. How do I get control of my life?

In this climate of financial insecurity should we pay off our mortgage or put money someplace else and hope for the be.

I'm going through a bad financial situation. I need money now. What can I do?

Who is the Managing Partner of GrowthField Financial Services.

Did you know that the House Financial Services Committee is voting on the Credit Cardholders Bill of Rights.

Want to be supportive of boyfriends financial situation, but its making me broke!

I cant really gove you an answer,but what I can give you is a way to a solution, that is you have to find the anglde that you relate to or peaks your interest. A good paper is one that people get drawn into because it reaches them ln some way.As for me WW11 to me, I think of the holocaust and the effect it had on the survivors, their families and those who stood by and did nothing until it was too late.