The federal government is taxed with a burden today. There is so much that needs and has to be done that the government struggles for the funds to pay for it. The government has the responsibility of our federal road projects, disaster relief, and drug trafficking to name a few.
Simply put, the government is taxed enough without adding an undue burden to them. When is it that we as individuals take responsibility for our life and our actions? Whose responsibility is it when we as individual or family make decisions about our credit? How many of us would agree if the government would stop us from buying a home because they felt we might not pay for it? Where would you want the government to place a stop as to what to do to keep from interfering with our lives?
I say it is time to stop now. The government already provides options for individuals and homeowners who get in over their heads. It is called bankruptcy. There are also section 8 housing benefits that a person can apply for.
We have options already funded by the government. These programs are there to help people who need it and will not by no means provide a home for everyone. Those of us who are fortunately enough to own our homes have to assume all the responsibility. If we finance or refinance into an adjustable rate mortgage or one with low interest up front then a whammy later on, that is our responsibility. We have the choice, the right, if you will to do this and the government can not stop us.
Read the fine print on your loan documents consult an attorney. It sounds like al ot up front but think of the aggravation it will save us in the long run. I have had several offers for mortgage refinance come my way and I see in the fine print things like; "Early payoff penalty", "Introductory rate", "first five years payments are interest only". I dare say I should take one of these and then let the federal government pay my house off and let me live there because I can not afford it. No, and neither should you. If we choose to finance without the answers it is our responsibility and no one else's. The same if we choose not to refinance or finance no one will make us. We have two choices on every situation, let's try to make the right one and live with it and stop expecting the government to bale us out of every bad situation that is going to arise in our lifetime. If we did this then maybe our tax dollars could go to where they could do some good.