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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.
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If this will help you, then it is ethical if you are not lying to get help.
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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.
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Oh great, an "I told you so friend
" love those, not! He is one of the few geniuses that didn't get duped or sold a bad loan. Good for him, but that doesn't mean everyone has to suffer because they were'nt as smart as him.
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If I would have known, of course I would have waited like my friend.
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Yeah, maybe he'll let us all use his crystal ball
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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...
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Funny, thats exactly what the government and lenders want him to think. He is paying for reckless lending by banks and Fannie Mae bail outs. He should be pissed at the banks and the government for allowing it to get this far.
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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?
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The facts are what is, is. If you deserve the best outcome and you work towards it every day and it makes sense, then that is what you deserve.