How good do you feel about paying for the mortgages of your neighbors who had a foreclosure?

I dont like this socialist stuffHow good do you feel about paying for the mortgages of your neighbors who had a foreclosure?
In the most immediate sense, it does seem a bit unfair. But you need to look at the big picture. If your neighbors' homes are foreclosed upon, they'll likely be resold at a bank auction for a much lower price than the house was initially worth. If this happens in a very large scale (like it is now) the value of your home actually goes down too because price is dictated by market. That's how capitalism works. If you want to sell your home, you will have difficulty getting a price comparable to what you paid initially or that reflects the costs of improvements you've made, etc. Even if you do hang on to your house, you're losing equity. Loss of equity means that if, for instance, you'd like to take out a loan using your home as collateral (like a second mortgage), you'll be able to get less money than you once could.





If you still have a mortgage you pay on, you may end up making faithful payments on a mortgage that is much larger than the current market value of your home. The latter is a very large version of buying, say, a tv for $200 with your credit card and finding the same tv is on sale everywhere for $100 the next week.





You may not like this so-called socialist stuff, and you could make a reasonable political argument that such a bailout is inappropriate. But I do think it's worthwhile to consider that the benefits of such a bailout extend well beyond what we immediately recognize as a benefit to a few people who may've made unwise financial decisions.... Or who may've made great financial decisions and plain old got laid off from jobs and exhausted their savings.How good do you feel about paying for the mortgages of your neighbors who had a foreclosure?
Well hell, I make $15,000 a year. This will be the closest way that I will ever be to paying for a house. We might as well take out our wallets and put a sign on them saying ';Please, take my money.';
If you don't like Socialism, then join the Libertarian Party. We are the only TRUE CAPITALIST party.
It's ridiculous.
I don't like it but think of it as helping someone in need unless they are richer than you
I wish they could just come stay at my place, instead. I'd expect them to do assigned chores, of course.
dont think its fair
I don't pay taxes.....

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