Darn good question:
Should you keep paying your mortgage?
If you have significant equity in your home, absolutely.
If you don't, it's getting harder to answer that question, especially when our government keeps giving people who owe more than their homes are worth so many reasons not to pay.
I just made my last house payment in June. Talk about bad timing! And this just in:
A radical change in perspective could spare the nation a lot of grief down the road. Rather than subsidizing the auto makers directly (and almost certainly sucking Washington into their management), why not give Americans the financial incentive to accelerate purchases of cars and light trucks? The consumer-subsidy approach would be a less wasteful route to the desired end, as well as one that would leave a less toxic legacy of market intervention once the economy has recovered.
I just paid off my car, too, and it's in good running condition! Man, can't get a break at all. Maybe I should take out this huge home equity loan and use it to buy a fancy new car. What have I got to lose? Not the house or the car, certainly.
