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Originally Posted by SANguru
so very interesting that you brought that up and i quote:
Originally Posted by MrLabGuy
Sorry but if you were stupid enough to get into a RISKY MORTGAGE you should have thought twice about buying a house you could not afford in the first place.
I sure hope you're not calling yourself stupid. As with any investment you have risk. It's all about how much risk you are willing to take. You win some you lose some.
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Hardly, in my case it was in investment property I'd owned for almost 20 years. The loan was minimal and I planned to sell the condo in a few years prior to the 5 year term.
At the time of the loan it was a sound move considering the real estate market 4 years ago. Same goes with the stock market...You win some and you lose some. Good ideas today are a bust tomorrow.
The big difference here is that I did not take on more loan than I could financially handle and I'm not looking for a bailout. What I am doing is refinancing to a 30 year fixed which still has a decent rate. I'll sit on the rental property for a few more years and wait until the inevitable up-swing in the market. I ended up losing a little money in the short term out of equity but I'll recover without any government subsidy.
Real estate is an investment just like the market...You win some and lose some...When you lose you lick your wounds, learn to diversify and come out swinging.
Michael