[quote=bubba99] It is a contract, and foreclosure is a remedy in the contract to either party. [/quote]
I don’t disagree with this. My point is that we as a nation should not be where we are now. If we as a nation didn’t have such a sense of entitlement, we would not be faced with such crushing debts.
It’s pretty obvious that the vast majority of “home owners” that purchased in the last decade or so, shouldn’t have. This is just the Coach purse example replayed on a grander scale.
For those that had genuine hardships, I feel for them. I don’t think anyone will deny that sh!t happens. It happens to the nicest, finest examples of humanity. The problem is now everyone is entitled to be a charity case. When that happens the real need gets lost in the noise. Eventually, those of us that are compassionate begin to loose that compassion.
I’m sure I’m not the only that feels a little short changed by the turn of events. I didn’t get the house, BMW or even the Coach purse but, I do get to pay for it.
I think the phrase is, “Privatized profits and socialized debt”.
To the “homeowners” that do end up receiving some sort of loan mod be careful. Read the fine print, consult a lawyer, and give it some serious thought this time. It might just be better to pack your stuff and rent.
The backlash will come. Reality hasn’t set in yet.
