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Reduce your mortgage by not paying?

 
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showgunx



Joined: 14 Jul 2005
Posts: 60
PostPosted: Mon Nov 17, 2008 10:24 pm GMT    Post subject: Reduce your mortgage by not paying? Reply with quote
I read the following article today, and I don't know if I should be mad of this or laugh at the situation.


http://www.sfgate.com/cgi-bin/article.cgi?file=/c/a/2008/11/16/BUQR1442LQ.DTL&ref=patrick.net
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C
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PostPosted: Tue Nov 18, 2008 1:58 am GMT    Post subject: Reply with quote
I am mad!
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SamChady
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PostPosted: Tue Nov 18, 2008 9:21 pm GMT    Post subject: Governement Bailout Reply with quote
I heard this said on TV and I will paraphrase: "But eliminating risk thru bailouts, the government makes the irrational, rational." You can't blame people for taking risks if there is no penalty.

Unfortunately for me I decided to take no debt, save my money, rent an apartment that was cheaper than I could afford. I did the rational thing which is irrational since there was no risk in taking a risk. We need to restore the penalties.

Want to leverage yourself 30 times over to make a huge profit? Fine with me as long as you are willing to go out of business if you fail.

So I sit in my apartment that I really don't like in a location that I don't like and I save money. Someday I will have my condo in Boston, but not for another year at least.
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showgunx



Joined: 14 Jul 2005
Posts: 60
PostPosted: Tue Nov 18, 2008 11:07 pm GMT    Post subject: Reply with quote
Quote:
So I sit in my apartment that I really don't like in a location that I don't like and I save money.


SamChady, why not find another apartment you like and rent that one? I am a renter currently, and I can totally call myself the "RENTLORD" for the past few years. There are so many cheap and nice rental units available in Boston, that my landlord has to kiss my ass constanctly to pervent me from leaving.
I am not suggesting you to abuse your landlord, all I am saying is you can find better and possiblely cheaper unit now a days, if you don't like what you are currently living in.
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