How to Lose your House the easy Way
“One of every five mortgage holders now has a home worth less than the mortgage on it”
From the Washington Post.com, January 17 edition:
http://www.washingtonpost.com/wp-dyn/content/article/2009/01/16/AR2009011604724.html?wpisrc=newsletter
I am stymied to see this in print, but at the same time, not surprised.
My jaw dropped when I read the bit about a couple in Riverside Ca. who are paying a mortgage of $6400 a month yet their home’s value is now far below what they paid and selling is therefore impossible.
California is known for its high taxes so I can’t help but wonder how much of this payment is for property and school tax.
Taxes, the bane of existence, at least as structured today.
All very Republican in approach. I have high hopes for President elect Obama: do you?
By the way, as a preview to a complete overhaul of the current tax system, I invite you to download my report “Done with Cash” for free.
Tags: Banking Crisis, Corney's Model, Financial Crisis, Geithner, IRS, Stimulus Bill, Taxes
