Life Is Too Short To Shorten Your Life Over Material Things!
Knowing When To Walk Away From Your ‘Underwater’ Home Mortgage Is Key!
by Miriam G. Aw
If there is anyone who do not believe in 'giving-up' on a situation, no matter how small, it's me. But I've got to say that there comes a time in one's own life that you have to do what you have to do . . . even if it is to 'let go' of something you'd once believed was worth holding onto regardless of how you're struggling to keep it, or maintain it.
In the past two years, I had come to the conclusion that “letting go” of your house, and/or land may be the best option, but not for the reason you may think. I have always wanted to buy a house ever since I was a young teenager. And I did at the age of 22. However, much like fine wine, or aged cheese, both of which taking years to mature to reach its full body flavor, so is our capability to reason with intellect. In other words, the older we get the wiser we get. Sadly this does not apply to everyone.
There is a lot to be said about ‘maturation’ and ‘observation,’ the two key elements needed to unlock life’s mysteries. And in order to solve these mysteries, you have to pay close attention, thus, heeding to the call of the changes that are taking place in the meantime.
Although this is the third house I’ve had the pleasure of buying (with my hubby) throughout the course of the past 35 years, deciding to leave and forego our home is basically a simple one: We can no longer afford to pay on a house that has devalued dramatically, despite the fact that we did not buy our home as an investment. We got it because we wanted our own home, and we were looking forward to one day to leave it to our children, and grandchildren.
Despite the fact that my husband and I always believed that we were victimized with predatory lending practices due to the inconsistencies that took place at the “Closing,” and that our paperwork reflect such inconsistencies after a thorough examination years later after the ink has dried, we adamantly maintain our position to remove ourselves from the notion of owning . . . excuse me, I mean paying for a house that will literally cost us at the end of the 30 year mortgage over three-times more than what it cost six years ago, and five times more than what it's worth, today!!
Somehow, our circumstance was a bit different than most individuals who’ve taken upon themselves to make public their woeful experiences to the media explaining why they chose to leave their homes. In spite of the differences, the end result is still the same.
Undoubtedly, media news reports about the multitude of home foreclosures in America is alarming, to say the least, but what the media is not reporting is how it can affect a person's health in the long run riddled with stress, and other complicated health issues that are often associated with a loss of any kind. Especially when you choose to leave your house on a voluntary basis.
Interestingly enough, most of the people who are reporting these stories of these individuals, who ultimately chose to leave their underwater mortgage homes, do not have a clue to what these people are experiencing on both a personal and financial level. Let's face it: These reporters have jobs. And their job is to report the plight of those who do not have jobs, and of course, who hold underwater mortgages.
So-called experts in the field of bullshit continue to spew their rhetoric on how the economy has not really affected the poor decisions made by these homeowners who choose to leave their homes. However, I've yet to hear any of them seeking concrete solutions to this problem.
Apparently, there is a fear in this society, especially with many so-called experts on the subject, to say outwardly the obvious four-letter word to the myriad of homeowners who find themselves owning a ‘underwater’ house, or should I say, paying for a house (It really isn't owned until ALL of the mortgage principal and interest has been paid in full!), and that word is to MOVE! And don’t fret looking back!
Yes, I said it! MOVE! What’s the big damn deal about moving away from a material thing that is tearing down your immune system, especially when the bank, or lender, refuse to give you an appropriate mortgage loan modification that will coincide with your monthly wage earnings, or refuse to work with you, so that you can affordably take care of your mortgage, in spite of its devalue worth?
Even the mere utterance to suggest any homeowner to MOVE out of their underwater home seemed as if it was taboo to mention it at all! The nerve of some people! After all, if a person claims to believe in God, or any faith-based spiritual Being, harboring the belief that when one window is closed, another will open, then what is the problem?
In other words, ‘Walk in Faith.”
Hell, your credit is already messed up, so why stress yourself out for something that you did not create? I understand that there are a host of folks who may disagree with my assessment on this situation, but let’s not get pretentious about this thing. It is what it is!
Why bother to convince someone, or something, for example the bank, to refinance your house, or give you a FAIR mortgage loan modification, when you know in your bones that they will not grant such a request once they‘ve refused you the first several times?
In the meantime, you decide to stay in your house until the foreclosure process is final while you call yourself saving all of the money you choose to keep in your pockets by not paying the monthly mortgage.
During that time of being hurtfully rebellious and vindictive staying in a house that you no longer choose to make mortgage payments on, and until a judge deems your house null and void, your credit rating is deteriorating, and the likelihood of you finding any decent rental, whether it is a house, or apartment complex, is nil.
This world is becoming more complex, and along with that complexity is the fact that in order to get into any decent affordable neighborhood, your credit will be checked. Why should you take a risk of waiting to have every detail of your unfortunate plight with your house get posted on your credit report BEFORE you move?
After all, time is money, and money is time!
Be smart . . . Begin to find a place to move into BEFORE your credit report gets any worse than it is at the moment! Hey, it’s common sense to me. All of that money you call yourself saving while remaining in the house that will soon be no longer your headache will mean nothing if you cannot find decent housing of any kind in an area you desire to live at for the duration because of what is on your credit report.
Personally, I’ve never believed in credit reports because it’s been my personal experience (and other people) that it is nothing more than a report card geared for spiteful business owners, and/or companies that will not hesitate to smear someone out of revenge.
Credit report (cards) have way too much power against consumers, and today, even the most credit worthy people have found themselves screwed without the benefit of a penis with their fees increasing, and other nonsense that has ultimately tainted their years of credit worthiness for so long! The nerve of these people!
And you wonder why thousands to millions of people have said ‘Screw you” to the mortgage lenders? THEY ARE ALL WORKING TOGETHER . . . Appraisers, banks, and other mortgage lenders, credit report agencies, private developers, the Government, many real estate companies, and the list goes on, and on!
Let me put it another way (As if there is a need to explain it further, but I’ll illustrate another point just the same): We are living in a time that greediness has finally fallen to its knees. And as a result of sheer greed and manipulation, on the part of the mortgage lenders, such as the banks, private construction loan lenders, etc., who’ve basically misused and abused their ‘power-to-lend’ by
1) Encouraging prospective home buyers through the use of psychology to purchase more home [square footage] than they could actually afford (And believe me, mostly Caucasians got sucked into this belief by being assured that the neighborhood they chose to live in was safe and “color“-free), and
2) Raising the Interest and mortgage amounts to People of Color, most of whom were also fed into the hype that having their own home is the route to take, and its value will increase as time goes by building equity along the way,
had backfired on them, or should I say have backfired on the multitude of American families who will soon find themselves battling with each other. By this I mean the issue between the “Haves” versus the “Have Not” will no longer be in the forefront. Instead, it will be the “homeowner” versus the “renter,” which is by the way [already] leading up to that pinnacle point!
Mark my words . . . this mess of home foreclosures, which are in the multiple thousands, perhaps millions, throughout this country, is nothing more than a ruse heading to gear up toward a bigger picture whereas many of these foreclosure homes will be eventually owned by the government, and/or private developers, and/or real estate companies, and they will rent these properties out.
MONEY is the name of the game here, folks. It doesn’t matter who you are - what your race, ethnic makeup, education level, religion, gender, or age, may be in this instance. I guess the “Haves” versus the “Have Not” will continue to play a pivotal role in this economy. The “Haves” will own the homes, and the “Have Not” will continue to rent. The question is, however, who will ultimately become the people who will find themselves renting versus owning? American citizens? Non-American citizens?
But I digress.
Let me bring it home . . . I thought that I was the only fish in the sea that believed leaving your home, which is a material thing that can be replaced, if one chooses to replace it, is a financial and business decision. It’s a business decision of ‘downsizing’ your personal life making it affordable to enjoy. It’s a financial decision of ‘upsizing’ the money your receive to keep, so that you can afford to live the way you always wanted to do in the first place. Simple enough.
My daughter brought to my attention some months back about a YouTube video she saw at a friend’s house. She came home to tell me that what I’ve been speaking to her and my family for the longest about how these people who are finding themselves trapped with an ‘underwater’ mortgage, and/or facing foreclosure needed to start making ‘financial‘ and ‘business‘ decisions, and move out of their homes to seek lower rentals to live, was on this video.
First off, let me say that I was pleased to know that my daughter was paying attention to what I had said. This indeed was a revelation in itself! But again, I digress.
I learned that it was a Tyler Perry play entitled “Madea’s Big Happy Family,” and of course, Mr. Perry plays the character, Madea. Suffice to say, unfortunately, I’ve never saw his play. However, when I saw the video clip that my daughter was referring to, I laughed so hard to the point of tears were streaming down my face! Who would have believed that a play would illustrate my point to the letter? Amazing!
Well, for those who did not see “Madea’s Big Happy Family” play, I strongly recommend that you buy the DVD as soon as you can. NOTE: I'd posted the YouTube video onto this site, but due to copyright infringement concerns, it has been pulled by YouTube. It's too bad though. The wise words spoken by the character, Madea, who'd eloquently explained in plain terms why it’s best not to stress over mess, but instead, get bless, and let God handle the rest emphasizing that it's best to "Move" out of a house that is ruining your health was absolutely great! Halleluj’yer!
Believe me when I say that there are thousands, perhaps millions of people who agree with this realistic assessment of ‘Moving Out’ of their ‘underwater mortgaged’ homes, and begin to get into something they can afford, and enjoy life to the fullest.
Who said you had to remain being miserable in your present condition? Why should you play fair when others refuse to reciprocate in kind? Grow a backbone, and say “the hell with you” and move on! Trust in the God you say that you believe in, and march the hell on in your soldier boots, and trench a path toward sanity!
Stop worrying about what other folks have to say about your situation. Keeping up with the Jones’s been played out . . . It’s one of the reasons why there’s a problem today with so many homeowners because they’ve been trying to keep up with the Jones’es! But hey, hopefully they’ve learned their lesson. It’s time to move on by reestablishing yourself with the acquired wisdom you’ve now acquired!
What I say here is not written in stone. Every person must make decisions that are best for them to enact on as they see fit to do so. I’m only a mere human organism sharing a particle of what I know. Unlike so many so-called experts, I know what I’m talking about, and I’m living the words that I write, today!
Be good to yourself, and to others. Have a great ‘new’ life in your new place!
Much Love and Peace Out To All of You!
M.
Copyright 2011. All rights reserved.
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