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Report Comment
"Last night the local news mentioned (to paraphrase): “We know that at least some of this stimulus bill is going to be put to good use”. They went on to explain that 65 billion will be allotted to assist those on the brink of foreclosure so they can keep their house. It is my understanding that the only requirement to qualify is that you owe more than your house is worth.
Over the past few years I have watched my peers in their late 20’s and early 30’s hypnotized with the “I wants” purchase homes that fifty years ago would have taken the average person a lifetime to afford. It seems we have forgotten how to build wealth and have decided having everything right now on credit is so much more fashionable and chic.
So here my husband and I sit in our modest $87,000, 3 bedroom, 2 bath home, investing our time and hard work to remodel, while others decide they must have the completely renovated $225,000 home at 28 years old. Guess who is paying to bail them out now? That’s right… Mr. & Mrs. Responsible, living non-flashy, debt-free lives get to watch our tax dollars keep our peers in their luxury homes. This is absurd!
My suggestion is there should be a cap on the value of the home to qualify for stimulus money. This may be different in every state but for Oklahoma, if your house is worth more than $125,000.00, there is no excuse to provide tax dollars to avoid foreclosure.
People who are sitting on more house than they can afford need to move into an apartment until they learn what their income can provide. Then try home ownership again when they are back on their feet. There is no tragedy in that!
It seems government has decided people should not have to live with the consequences of their choices."
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