Why do I keep paying my mortgage?

[Tallman388]

This (http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/11/16/BUQR1442LQ.DTL) makes me kind of mad. I'd love to get some help with my mortgage, but since it keeps getting paid, I can't. I can't refinance because we don't have enough equity in the house. So basically my wife & I should have a grand old time not paying the mortgage and let the government hook us up.
I know, I know, this program is meant to help out unfortunate people who are in trouble right now, but I work with hayseeds who will absolutely try to not pay their mortgage for three months, get help from the feds and come out smelling like roses.

Okay enough of my rant. So what would you do, keep paying the mortgage and work your way through the crisis, or not pay for 90 days and get your piece of the bailout pie?

[Foster]

this is why the term "tax payer" pisses Ron off

[~Katja~]

This (http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/11/16/BUQR1442LQ.DTL) makes me kind of mad. I'd love to get some help with my mortgage, but since it keeps getting paid, I can't. I can't refinance because we don't have enough equity in the house. So basically my wife & I should have a grand old time not paying the mortgage and let the government hook us up.
I know, I know, this program is meant to help out unfortunate people who are in trouble right now, but I work with hayseeds who will absolutely try to not pay their mortgage for three months, get help from the feds and come out smelling like roses.

Okay enough of my rant. So what would you do, keep paying the mortgage and work your way through the crisis, or not pay for 90 days and get your piece of the bailout pie?

keep paying, because even if you get assistance by not paying... your credit score will hurt a lot from these three month and getting a refinance at a later time, when the house does have enough equity, will be impossible or at least a lot harder.



also, if you read the article right, one of the options to lower your mortgage to 38% of your income is by extending the term to 40 years... just think about how much more interest you pay in the long run

[topless_mike]

standard 30 year fixed will be your lowest payment if you plan to stay long term.
keep paying your bill. certain folk are notorious for not paying their bills. you dont want to be lumped into that group.

[Freitag]

Define "help" on your mortgage? Do you want a lower rate, or are you having trouble paying it? Do you have an adjustable rate? I don't have enough information to give you advice.

If you don't have enough equity on your house, it sounds like you JUST got a mortgage, within the last five years. So if that's the case, you should have a pretty decent rate, if you're 30-year fixed. If you got an ARM... why?

[topless_mike]

If you got an ARM... why?

i have 2. i thought most people do.

[Freitag]

i have 2. i thought most people do.

You're not gonna lose the house, everybody has three mortgages nowadays.

[OGC]

You're not gonna lose the house, everybody has three mortgages nowadays.

Not everybody. Some people have scrimped and saved enough to actually pay off their mortgage. Sometimes I feel like a fool for it though.

[drjoek]

taking a bailout will come back to bite you in the ass eventually some how some way thats what I predict.

[topless_mike]

You're not gonna lose the house, everybody has three mortgages nowadays.

oh, an Adjustable Rate Mortgage.

you see, i went for the funny

http://www.aolcdn.com/aolr/guys-beach-body-biceps-400a050307.jpg

[Freitag]

Not everybody. Some people have scrimped and saved enough to actually pay off their mortgage. Sometimes I feel like a fool for it though.

Someone needs a refresher on 80's movies.

[Freitag]

oh, an Adjustable Rate Mortgage.

you see, i went for the funny

http://www.aolcdn.com/aolr/guys-beach-body-biceps-400a050307.jpg

Yeah, and I went for the funny-er

http://www.imdb.com/title/tt0087332/quotes

[topless_mike]

Someone needs a refresher on 80's movies.

Yeah, and I went for the funny-er

http://www.imdb.com/title/tt0087332/quotes

make that 2 of us that need rephreshers...

[angrymissy]

I get mad when I see this too, but what are you gonna do? I'll just keep paying it, and my ridiculous taxes.

If you meet these requirements and can document your income, your servicer will reduce your monthly mortgage payment - including property taxes, insurance and association dues - to 38 percent of your gross income.

Unbelievable.

[topless_mike]

see, im buying a house that i know i can afford. on my income.
nevermind when PIA goes back to work in a couple of years.

so, i luckily i wont have to worry about needing to be helped out.

a little homework goes a long way.


missy- i feel your pain with the taxes.
right now (well, until 11/24) im paying $5300/yr for an 1050sf condo, with no property etc.

[TripleSkeet]

I know it sucks paying your bills when youre seeing lazy asses getting bailed out for free, but my advice to you is, dont worry about them. If youre in the house you want to be in and youre making ends meet one way or another be happy for yourself.

Everytime I get nervous about bills or money I remember the house and neighborhood I grew up in. Compared to where I am now it would be considered a dump and we'd be considered poor. But as a kid we never thought we were because everyone seemed so happy and satisfied with what we had. Its amazing looking back that was I was naive enough to think we were one of the "more well off" families living in a 3 bedroom rowhome 2 blocks from the projects. Too funny.

[drusilla]

simple answer is because you're better than that. don't fucking be like those people who went in too deep & now can't pay for a thing so they have to be bailed out. even though the rest of us may suffer with higher apr's right now don't succumb to the temptation to just not pay your fucking bills. especially if you can.