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The Gray Hag Wants You To Be Irresponsible
Posted by Raven on March 13th, 2009
What, exactly is the NYT advocating here?
Thoughts on Walking Away From Your Home Loan
If you’re among the millions of people who will not qualify for the Obama administration’s program to help troubled homeowners, you’re probably wondering what you’re supposed to do now.Perhaps you no longer have enough income to pay your loans. Or you can afford the payments but don’t qualify for refinancing under the new plan because the value of your home is too far below the balance of the loan. If you’re far enough underwater, you’re probably questioning the wisdom of writing a monthly check on a place that may take 10 or 15 years to get back to the value it had two or three years ago.
[...]
In an economic environment like this one, however, the consequences of giving up on your mortgage may not be as painful as they were a few years ago. Yes, it’s almost always preferable to negotiate a better deal on your existing mortgage than to walk away. But if you can’t work things out with your lender, you probably won’t be sued. You shouldn’t receive a major tax bill either. And the damage to your credit will not be permanent or insurmountable.
I get the feeling the Old Gray Hag is opining that it’s ok to ditch your personal responsibilities; and I suspect the Hag believes if enough folks do this, the feds will HAVE NO CHOICE but to step in to SAVE us all. Which I am sure will be the subject of yet another editorial this leftist mouthpiece paper produces.
