I personally am not a big fan of government intervention in preventing foreclosures. The market will eventually return to a sustainable, non-inflated level. All of the government intervention I’ve seen seems to be targeted at either reinflating, or postponing that eventual outcome. I’m in the “rip the bandaid off fast” camp… It’s painful – but better if it’s over quickly.
Personally… I bought my house in early 2003. According to Zillow it’s worth 70k less than I paid for it. But my mortgage is a LOT less than what Zillow says it’s worth, because we put a lot down. I’m comfortable paying my mortgage because:
a) I bought something we could afford.
b) the house works for us.
c) we spent (non-financed) money building a handicap accessible companion unit for the in-laws to live in… and there is NOTHING out there for rent or sale that would fit our family needs like this.
