Is it time for underwater homeowners to be given a get-out-of-debt-free card?

Los Angeles Times ^ | June 27, 2009 | Tom Petruno

[Mamzelle]

re: After seven cycles of sabbatical years, a total of 49 years, the fiftieth year was proclaimed a jubilee (Leviticus 25:8-12). Again, the land was to rest from cultivation (verse 11), and all families that had become poor and had mortgaged their land could return to their possession (verse 13).)))

You could sell a modified "life estate" in your property and you could return to it. Very Wise.

However, I don't think the children of Israel ever actually practiced this.

[Dubya-M-DeesWent2SyriaStupid!]

Your scenerio is sadly spot on. But people will still view this as sub primers problems only.

[cherry]

WHEN DOES THIS COUNTRY PAY OFF MY HUSBAND AND I?...

...I mean when does our freaking ship come in?.

..we've done everything the good old American way and paid taxes upon taxes and did the boy scout route and the camp fire route and the volunteer work and the charity contributions and helped our kids thru college and paid for weddings and tried to save a litte for the retirement....

WHEN OH WHEN DO WE GET ANYTHING FROM THIS GOVERNMENT?

its paying off big time to be a slob, a slouch, and a big impulsive spender...

seriously, I would love a new boat, a 4 wheeler, a lap top, a fancy cell phone, and yearly vacations.......

is it time to rob banks?

[Dubya-M-DeesWent2SyriaStupid!]

No, you need to act like you make under 14K a year and shoe polish your skin I suppose then you can drive a caddie escalade and live free with a cell phone to boot.

[Melian]

“It’s not callous; it’s reality...The best help the government can give you is to stop trying to help you.”

Thank you but I’m not asking the taxpayers for anything and I’m not asking anyone to break the rules for me. I am just commenting on the fact that many of these comments are practically gloating over the plight of those who “blew it.” I am reminding FReepers that many of those “fools” are decent, law abiding people whose communities are now so bankrupt that there are a multitude of unearned and unforeseen bills. We still have a perfect credit rating and are working like dogs to meet our obligations. I do, however, object to the cavalier attitude of some posters about a very sad situation that many people are facing.

[Hilltop]

Thank you for your post Melian. I wish you and yours the best in all things.

We are all but one step away from life altering events.

I love FR, but there are those with pompous attitudes that post before they think.

[Cronos]

[Smokin' Joe]

Even in the instance where both got laid off, no.

I have been there, and it is no fun, but if the market is not allowed to come down, overpriced properties will still be the order of the day, and in another 10-15 years we can have another orchestrated economic crisis which causes a repeat.

When the prices come down, people can buy properties at reasonable prices, and be able to stay within a reasonable budget.

When I watch those 'remodeling' programs on cable, I am shocked by the price tags on some of the properties.

We live within our means, and purchased a modest home while watching local markets for a downturn. It paid off.

Keep in mind that debt is slavery and people nowadays seem happy with the chains of debt. 30(+!) years on a mortgage, up to seven years on a vehicle (or a trade-in and perpetual debt), huge college loan debt, and tons of credit card debt. Why?