LETTER TO THE EDITOR
In this day of a deteriorating economy that is only getting worse by the day, I would like to know when the average, middle class citizen will catch a break.
My husband and I are homeowners and we are a bit dumbfounded as to why everybody else is getting "help" with their financial situations and we are not. We are law abiding citizens that pay our bills on time, pay our taxes, and try to manage our finances the best we can. I understand that we are very fortunate and our situation could be a lot worse, but here's the thing. With the rising foreclosure rate I can't help but be a bit irritated when I hear that everyone else is getting assistance. Don't get me wrong, I know that foreclosure must be a terrible thing to go through, and I really feel bad for the people that are facing it. But, just as the mortgage companies are being blamed, it is time for the homeowner to take some responsibility also.
When we bought our home we decided to take the higher fixed-rate mortgage as opposed to the lower, more affordable ARM. We thought ahead and realized what the consequences might be in the future if saddled with an adjustable rate mortgage. We also bought during the real estate "boom" so we had to get a jumbo loan. This is where my issue lies. We are doing what we are supposed to do. We are paying the same bills everyone else is. We were hit hard with the rising gas prices, just like everyone else was. Our electric bill and grocery bills are high, just like everyone else. So, why are we being neglected when it comes to helping us out too? The jumbo loan rates are still atrocious and it doesn't look like refinancing is anywhere in our near future.
It seems that if you do what you are supposed to do by paying your mortgage on time, you get penalized and everyone else gets a break. Just because we haven't lost our house doesn't mean we aren't going through the same financial crisis as everybody else. We are struggling as well. We are very fortunate to be employed and able to honor our financial commitments, but it seems like we get no help.
It's time for people to take responsibility for what they chose to do. They made the decision to take the lower rate and now, unfortunately, the rates have gone up. We can blame the mortgage companies all we want, but when it comes down to it, you are responsible for knowing your own finances. I'm not saying that anyone deserves this hardship. I'm just saying that it would be nice for the "average Joe" to catch a break too.
Laura Randolph
La Plata, Md.