Should you keep paying your mortgage? If you have significant equity in your home, absolutely.If you don't, it's getting harder to answer that question, especially when our government keeps giving people who owe more than their homes are worth so many reasons not to pay.
Last week, the government announced a program that will substantially lower payments for many homeowners who have little or no equity, but only if they are at least 90 days delinquent.
Critics say the plan, which applies to loans owned or guaranteed by government wards Fannie Mae and Freddie Mac among others, could encourage people to suspend payments.
So the moral to the story? Go get yourself a 100% mortgage and take the proceeds over to Argosy Casino and blow it.
Then kick back.
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2 comments:
And how are us good people who did live beyond our means rewarded?
By our dollar being worth that much less.
Make that did not live beyond our means.
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