Re: Ping Diddy...from (the)duckster

Paul E. Schoen wrote:

Normally one should have enough emergency savings and insurance to ride out a glitch in their lives, and if you own a home, you should be able to rent it out to cover mortgage payments while you live in less expensive housing (maybe with friends and family), until you get your finances straightened out, or find a buyer for your house.

Normally? Sometimes emergency savings get eaten away by, you know, an _emergency_. How many emergencies do you suppose that a middle class family can have savings to cover? In THIS market, you think that it's easy even to rent out a house for enough to cover mortgage payments? Who do you think will be renting from you? People who have lost their homes because they couldn't make their mortgage payments? How do you think they could make your mortgage payment equivalent in rent?

Do you have any idea how long it is taking people to find a buyer in THIS market? The prices of housing have dropped so much that unless they have been living in their house long enough to build up some equity (quite a few years), they can't even sell their house for the amount that they owe on their mortgage. In my community, housing prices have dropped well over 20% in the last 2 years, so even if they put 20% down on their house, they would not be able to sell it for what they owe on it. And that is the case even if they haven't taken additional loans on the house.

But if you don't have any friends, and/or your family is also living on the edge, and/or you have a shaky marriage, and/or you are in debt up to your ears, then I can understand losing one's home. And that would usually be a direct result of someone's own irresponsibility.

Why are you being so judgmental about folks who are losing their homes? Sure, sometimes it's due to irresponsibility, but why do you make the fundamental attribution error and just jump to the conclusion that it's due to bad character, rather than bad circumstances and bad luck? Who are you mad at?

FurPaw
--
The plural of anecdote is not proof.

To reply, unleash the dogs
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