Yes, but when it is your neighbor who overextended
Posted By: themselves, they will go into foreclosure. on 2008-09-30
In Reply to: My hubby and I feel that - Chele
Then, your home goes down in its worth. Do you understand that concept? Yes, they screwed up and yes they were loaned the money, but now the government needs to help us fix it so that we can all have our equity. Even a responsible creditor will take a hit becuase your home will not be worth what you think it is even if you are making hte mortgage payment. So when you go to sell, you may owe more than your home is worth because there are foreclosure eyesores all around you.
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