Is it ethical for me to accept the help that is being offered to me in this bill (assuming I qualify) since I admittedly "took a chance" on the once known "fact" that housing will always appreciate (circa 2005)? I was not duped by a lender, I just thought it was a great investment.
I live in the Bay Area of California btw...
I have a friend who sat out of the game and is now upset at the bill about to be passed that could very well help me to have a new affordable mortgage. He is mad that he was more responsible than I (in his opinion) and decided to rent and wait until he and his wife could afford their first home with a conventional mortgage. He warned me when I took out this mortgage that it was not a financially sound decision.
He is not mad at me personally, just the situation. I appreciate his honesty with me, but I am not sure if I can make it if I don't attempt to qualify for this new bills mortgage re-structuring.
Not sure what to think...
I do wish now that I would have seen what was going on and that there was indeed a HUGE bubble about to pop in the housing market (especially here in Cali). If I would have known, of course I would have waited like my friend.
He seems to think that he will be personally paying for my mortgage now since this bill has almost passed. Is this true? Will he be taxed for the chance that I took? That's what he says will happen...
I would love to be able to rework this loan and be able to afford my payments and stay here for another 10+ years, but I can't help but to think that I am somehow taking advantage. I was after all planning on selling the property around 2009 and moving to Colorado with 200K in my pocket to put down on a home there...
Sigh...
Do I deserve what is coming to me if I either don't qualify for this bill or decide to walk away and take the foreclosure / bankruptcy?