what’s the point in continuing to pay my mortgage, even if I can afford to?
My husband and I make a decent living, I’d say we are upper middle class. We have EXCELLENT credit and yet, because the market value of our house has gone down substantially, we can’t get a refinance to save our lives. My question, what benefit is it to continue to pay my mortgage at almost 2% higher interest when someone else who has bad credit, has missed payments, maxed out their equity two years ago to buy boats, cars, or vacation packages can re-finance for much less? Or better yet, someone who has no history of good credit at ALL can buy a new home for much lower interest and even get a HUGE tax credit for doing so!
We did everything right. We didn’t max out our equity, we didn’t do an adjustable loan, we stayed conservative, we have never missed or been late for one payment, we are loyal customers who I think deserve the breaks. But when I go to my bank, the same bank that holds my mortgage, my car loans and all of my investment/savings, and ask for a refinance, they say NO because my house does not hold the same value it did before. So what’s the point? I’m not asking to take a loan for more than I currently owe, all I want is an opportunity to take advantage of the same low interest they are giving the other customers. If I do wrong… and walk away from my loan, then maybe some day I will get a break… what a shame.