Tea Party Part III- To Pay Or Not To Pay by Sitafa Harden

Here is a paraphrase on an original article that appeared on OpEdNews.com.

To Pay or Not To Pay (My Mortgage): An "Untroubled" Homeowner's Hardship Letter

by Sitafa Harden


Dear Treasury Secretary Timothy Geithner:

I understand that you’ve been busy coming up with proposals to help borrowers facing foreclosure save their homes. But what about me?

I’ve never missed a mortgage payment, but I am certainly a troubled homeowner. I’m troubled because, like most of my neighbors, I currently owe much more on my house than it is worth.

It seems almost irresponsible to me to continue paying on a home that is losing value faster than former President Bush‘s approval ratings. And the 7-year hit to my credit for a mortgage default would be like a gift compared the 10-15 years of payments I’d have to make just to get back the equity I had on the first day I purchased my home.

Basically, there is virtually no reason for me not to simply mail my house keys back to the bank, pack up my cat, and flee to the solace of the nearest luxury apartment community.

In fact, a part of me wants to do just that, but I’m hanging in there for a couple of reasons.

First, because I believe that stable homeowners are one of the last strongholds of this economy preventing us from slipping into a downturn much worse than the Great Depression.

And, secondly, because I have faith that the new administration will come up with an equitable solution to this crises…eventually.

Let me repeat. I have faith in the administration. So please don’t let me down.

My cat and I are depending on you.