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Stop Paying Mortgage at your own risk…..OC Register article

October 3, 2011

I just read an article by Chris Diaz talking about people not paying their mortgages, yet some are staying in there homes….I have a couple of thoughts about this!!

First, I don’t think most people CHOOSE not to make their mortgage payments! Example; a buyer has a good job, with good credit & a great job history….they buy a house, the economy crashes & they lose their job. Mr Diaz says “there’s no…ethical way in which people can remain in their homes….” Do you know how much the max unemployment is Mr Diaz??? It’s $1,800 a month….try feeding a family, paying the utilities, car pmt, insurances, etc. A low mortgage is about $1,500 a month – does that squeeze into that scenario? Nope!

Second, the banks are so screwed up that they’re in trouble for managing their files, documents, etc. Maybe this will allow people to re-group and get a bearing for where they’re going to live, time to find a new job and keep their kids in somewhat of a stable environment.

As always, there are bad apples (buyers but mostly lenders) that took advantage of the environment but for the most part and we could debate the ‘why’s of the housing crisis for days but this blogger believes, people are just trying to get thru this trying time.

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