Our children are among those being negatively affected by the downturn in property values. Our daughter and her family bought their home in 2005 and one of our sons and his wife bought their home in 2007. Since the cost of housing in this area has dropped so dramatically our kid’s homes are now down to about 50% of their purchase price. Foreclosures abound in the neighborhoods around them. And yet - they get to continue to pay property taxes on the much higher purchase price.
Our daughter is especially affected because they have an interest only payment and the interest on their loan is being increased which raises the amount of the mortgage and will soon make the payment so high that it is impossible for them to make the mortgage payments.
As retirees we have limited income and are unable to help the kids as we would like. It is hurtful to know that the people at the top who are responsible for getting us into this financial predicament are being allowed to keep their ill-gotten monies and goods while the everyday hard working people of this country are losing the shirts off of their backs. That borders on sinfulness.
Our daughter is especially affected because they have an interest only payment and the interest on their loan is being increased which raises the amount of the mortgage and will soon make the payment so high that it is impossible for them to make the mortgage payments.
As retirees we have limited income and are unable to help the kids as we would like. It is hurtful to know that the people at the top who are responsible for getting us into this financial predicament are being allowed to keep their ill-gotten monies and goods while the everyday hard working people of this country are losing the shirts off of their backs. That borders on sinfulness.
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