> However, buying real estate is an investment. As with any investment, there > is risk involved. I have no problem with allowing a re-fi at a lower rate > (we are currently in the process of doing so), but I do not think the re-fi > should be for 'market value'. Then instead of a risk/reward, its kind of > like reward/reward.
What I don't understand is the mentality that, "the value of my home has fallen so I should not have to pay what I bought it for." If you go to a car dealership and buy a new car, the moment you drive it off the lot, it's value drops dramatically. You don't drive straight to the bank and demand that your loan principal be lowered by the depreciation value, do you? I started to post this last night but decided against it. I think now it's time to bring out the fact that the foreclosures are a part of what is driving down the market value of properties. Why? The price of a house is based on the prices of similar houses in the same geographical region. So if three 2 bed 1 bath homes on a street sell for $100k, the 4th, 5th and 6th will price in that same range. However, if homes are foreclosed on and the bank sells the house for $75k, that sale is going to negatively impact the price of homes on that street. Similarly, if someone is desperate to get out of a home and sells theirs for $80k, that will also negatively impact the price of homes on that street. Understand that I'm not in a good situation myself. Bad decisions coupled with high gas and food prices have me in catch-up mode and it's taking me extra work to get to where I need to be. We're not the ones that this bill is designed to help... because we're making our mortgage payments, even if it's hurting us in other areas. The people that this bill is aimed at are those, "poor unfortunate souls" who made deals and then could not pay for them. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Adobe® ColdFusion® 8 software 8 is the most important and dramatic release to date Get the Free Trial http://ad.doubleclick.net/clk;207172674;29440083;f Archive: http://www.houseoffusion.com/groups/cf-community/message.cfm/messageid:289242 Subscription: http://www.houseoffusion.com/groups/cf-community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=89.70.5
