charliehustle2011

Mind Over Matter

Who’s the Fool?

Posted by charliehustle2011 on March 11, 2011

Today, I suck it up and make the monthly mortgage payments on my house, which I cannot sell for close to the the 2007 purchase price.

I put 20% down on a 30 year fixed rate mortgage, and though under water, continue meeting my financial obligation because I borrowed the money in good faith, while people I know, who can also afford to cover their monthly nut, are choosing to walk away.

“It’s a business decision”, I’m told by friends, and co-workers; good people I respect, genuinely like, and would even trust to babysit my kids. “The U.S. Government pissed away our tax money bailing out the banks. Let them eat the loss.”

I think they make a valid point. We’re all pissed at the situation; caught in an ugly moral dilemma.

Am I the fool for thinking that I borrowed the money, so I should pay it back? Am I throwing away good money on an investment that may not recover? Are we on an inevitable slide toward becoming a third world joke?

I could stop paying, and stuff cash in a coffee can, wait until evicted, then rent a bigger, nicer house down the street, with a big deck and fancy hot tub, for less money than my current mortgage payment.

The savings could help cover increased fuel and grocery prices.

The direction things are moving is spooky, and I wonder if I’m the fool who’s watching what’s happening with eyes wide open, but ignoring the bigger picture.

Chuck

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7 Responses to “Who’s the Fool?”

  1. I don’t think you’re a fool for one very important reason. You’re asking the necessary questions that, I believe, if all Americans asked themselves would come to the same conclusion. Our government has sold us down the river, some claim intentionally. The rich who make the laws make them for themselves. Georgia passes corporate tax breaks while claiming “tough choices” when they impose a new tax on girl scout cookies. The hypocrisy that is allowed to play out survives, indeed feeds, on our notions of traditional and fundamental concepts such as ownership and responsibility. The irony is that our government is the only institution that truly owns anything, and yet, is of the least responsible among us. We should not feel guilty. Rather, we should take such insults from our leaders personally. I say kudos to you, and if you are able, walk away and find a new type of freedom that, after the economy crumbles and the dust settles, I pray we will all have the courage to find, if not out of simply necessity. Do it now while the choice is yours. Freedom is the last thing the government can decide for anyone.

    kapitalcon

    • You make some good points, Jeremiah. It’s one thing for the fringe elements of our society to consistently spout out draconian scenarios. It’s a whole different matter when average people, who live responsibly, become disillusioned, which is what I’m seeing. I’m not ready to walk away from my mortgage, but time will tell if my opinion changes. I hope I don’t reach a point that I don’t think there is any other choice. Thanks for the insightful comment.

  2. No problem. Thanks for the heartfelt post. Good luck to you!

    kapitalcon

  3. Coble said

    Your choices are what define your character. Some choices are harder than others.

    Houses, cars, hot tubs, big decks…these are all mere things.

    But a commitment you made involves your word and your integrity. I don’t think that is something you want to sell for a few dollars, a few hundred or even a few hundred thousand dollars, or maybe it is. That’s up to you and how strongly you feel about your word, integrity and character.

    • Coble,

      I completely agree. I borrowed the money, so it’s my responsibility to pay it back.

      Thanks for the comment.

      • I don’t know if I would agree so quickly. Characteristics of an individual such as integrity are defined within an outdated system of smoke and mirrors. Do our politicians have integrity?…our bankers and financiers? Most certainly not, but they are counting on you and millions of others to hold on to that notion so they can continue to disregard it for their benefit at the expense of yours. I think I have a book, rather an author, that may help you out in your personal struggles here. If you haven’t heard of Ayn Rand, then I implore you to give her your devoted attention for the next few months as you read through her two primary novels: The Fountainhead and Atlas Shrugged. If you are already familiar with her and her philosophy on life and have read Atlas Shrugged, then I implore you to revisit the character of Hank Rearden. It sounds to me like your struggle is much of his struggle. PLEASE give Ms. Rand a chance. Her philosophy changed my life and many others. I think she can help you out with your current dilemma.

        Good Luck!

        kapitalcon

      • Jeremiah:

        Your insightful comments are helpful. Admittedly, I still lean toward the stubborn philosophy that I borrowed, so I owe, and intend to ride out this economic downturn come Hell of high water. I do appreciate you pointing me toward Ayn Rand’s work, which I look forward to reading, and discussing with you in the near future. Regards.

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