[quote=SellingMyHome][quote=mercedes7]What I should have done, was gotten an adjustable loan that I would not have been able to afford, then let the government bail me out. I’m at a point that I can’t be bailed out of a bad decision, so I’m choosing another route.[/quote]
Ok, so I may have mistaken “blow me” with “blow off”. Point taken, however I hope you can understand and accept why some people may not agree with the decision you are making.
I also appreciate that you are not entering this decision lightly. And I too am not happy about what has happened with the banks. However, the attitude you display in the above quote is exactly what people here are responding to. It is pretty much prevasive in our society today and why not, our “leaders” are setting the example. It frightens me that this is now the prevailing attitude.
We need to go back to minimum 20% down on a home purchase and no more than 2 1/5 x annual salary -period. That way people would be FORCED to live below their means for a period of time and save for a down payment. Home ownership would then become what it should be, a privledge…and I bet more people would truly appreciate it then.
In your situation, if you had initially put 20% down, and had a 8 month emergency fund, you would not be in a position to do a short sale today as you would have equity. I am not judging, just making an observation.
In fact, if the 20% down had been in place all along, we would not be here discussing this, home prices would not have gone parabolic, and you probably could have bought exactly the home you now want in the first place. gl
