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  1. #1 Are you an idiot to keep paying your mortgage? 
    CU's Tallest Midget! PoliCon's Avatar
    Join Date
    Aug 2008
    Pittsburgh PA
    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.

    But what about the moral obligation to pay off a debt?

    Elected officials have been chipping away at that by blaming the foreclosure crisis largely on predatory lenders. In a campaign fact sheet, President-elect Barack Obama says he "recognizes that the real victims in the subprime mortgage crisis are not the lenders, but the millions of borrowers who followed the rules and whose only crime was taking out mortgages that lenders told them they could afford."
    Stand up for what is right, even if you have to stand alone.
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  2. #2  
    Power CUer FlaGator's Avatar
    Join Date
    Apr 2004
    The Swamps of N. Florida
    I just refinanced and payoff all outstanding debt accept for the new mortgage. 15 years at 5.25% I should have it paid off in about 5 years.
    “For we are to God the aroma of Christ among those who are being saved and those who are perishing.
    To the one we are the smell of death; to the other, the fragrance of life. And who is equal to such a task?”
    2 Corinthians 2:15-16
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