http://evanswanson.com/housing-real-estate/credit-crisis-housing-real-estate/ethics-mortgages-and-evolution/ Evan Swanson (NMLS 120856), a mortgage professional and CERTIFIED FINANCIAL PLANNER™ with Mortgage Trust, Inc. (NMLS 3250) in Portland, shares his knowledge, thoughts & advice on mortgage & financially related topics Mon, 28 Nov 2011 18:05:04 +0000 hourly 1 http://wordpress.org/?v=3.3.2 http://evanswanson.com/housing-real-estate/credit-crisis-housing-real-estate/ethics-mortgages-and-evolution/comment-page-1/#comment-1338 Evan Wed, 24 Nov 2010 13:36:08 +0000 http://www.evanswanson.com/?p=2525#comment-1338 Janet; Thanks for commenting on my blog post. You are not alone in your thinking. Many of my clients are unfortunately upside down which is creating a very difficult situation. If you don't mind, may I play devil's advocate and ask a question that I've heard asked of people who share your thoughts on this topic? You mention in your comment that you feel as though the bank shares in responsibility since they were the ones who conducted the appraisal and agreed to lend you the money on a home that at least in today's market is overvalued. What if the opposite had taken place and you bought your home in 2000 for $70,000 and then your home appreciated and you could sell it today for $210,000? Would you feel compelled to shared your profit with the bank since they lent you money on a home that was undervalued? If not, is that a double standard? Janet;
Thanks for commenting on my blog post. You are not alone in your thinking. Many of my clients are unfortunately upside down which is creating a very difficult situation. If you don’t mind, may I play devil’s advocate and ask a question that I’ve heard asked of people who share your thoughts on this topic? You mention in your comment that you feel as though the bank shares in responsibility since they were the ones who conducted the appraisal and agreed to lend you the money on a home that at least in today’s market is overvalued. What if the opposite had taken place and you bought your home in 2000 for $70,000 and then your home appreciated and you could sell it today for $210,000? Would you feel compelled to shared your profit with the bank since they lent you money on a home that was undervalued? If not, is that a double standard?

]]> http://evanswanson.com/housing-real-estate/credit-crisis-housing-real-estate/ethics-mortgages-and-evolution/comment-page-1/#comment-1336 JinFL Wed, 24 Nov 2010 04:16:03 +0000 http://www.evanswanson.com/?p=2525#comment-1336 I can't imaging more than one or two times in history if ever when home prices could have dropped by more than 50% in a year. I bought mine for $210K in 2004 and now its barely worth $70K. The bank agreed that it was worth $210. I feel they own some share of the responsibility for their decision to make a loan on an overvalued asset and they should agree to share some of the loss. I would have agreed to a deal on lowered principle. But no, they want it all. Sorry, but I never agreed to buy a property that was overvalued by 300%, I would never borrow $210K on a home worth $70K. I feel shafted. So they're not getting it from me. Besides why didn't the trillions of dollars of bailout money go toward this problem?? Wasn't that supposed to help? If the banks got bailed out why didn't they pass it on to the investors and why do they still expect us to pay? I can’t imaging more than one or two times in history if ever when home prices could have dropped by more than 50% in a year. I bought mine for $210K in 2004 and now its barely worth $70K. The bank agreed that it was worth $210. I feel they own some share of the responsibility for their decision to make a loan on an overvalued asset and they should agree to share some of the loss. I would have agreed to a deal on lowered principle. But no, they want it all. Sorry, but I never agreed to buy a property that was overvalued by 300%, I would never borrow $210K on a home worth $70K. I feel shafted. So they’re not getting it from me. Besides why didn’t the trillions of dollars of bailout money go toward this problem?? Wasn’t that supposed to help? If the banks got bailed out why didn’t they pass it on to the investors and why do they still expect us to pay?

]]> http://evanswanson.com/housing-real-estate/credit-crisis-housing-real-estate/ethics-mortgages-and-evolution/comment-page-1/#comment-791 My Mind on Mortgages » Is your mortgage a moral obligation? or simply an economic one? Fri, 05 Feb 2010 14:49:31 +0000 http://www.evanswanson.com/?p=2525#comment-791 [...] week I wrote this post in response to an article in the NY Times that addressed the issue of whether or not your mortgage [...] [...] week I wrote this post in response to an article in the NY Times that addressed the issue of whether or not your mortgage [...]

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