One of those responsibilities is that by paying for the loans you take out, in exchange you get to keep the things that you've bought using them, permanently once you've paid it off.
I might, one day, be unable to pay my mortgage. That's a risk I'm taking.
People tend to get super emotional about this stuff but at the end of the day it's just business, you have lived somewhere else and you can live somewhere else again.
Access to a stable domicile is what defines modern civilization. Philosophically, and ironically, that we have a standardized and systematized method for depriving large numbers of our population of that stability suggests a breakdown in civil order. It's reasonable to have an issue with this system without being "super emotional", but let me be clear in stating that it's also a perfectly reasonable subject to be "super emotional" over. Circumstances outside your control depriving you of a home, even temporarily, is not "just business", it's massive disruption families and communities with material ramifications for their well-being, and in a better-organized society would not happen as often as it does here.
Your flippancy also isn't without its own consequences. It turns what could be a problem with a collaborative, mutually-agreeable solution into one where it's accepted that one party is going to get thrown under the bus. The circumstances currently favor landlords. This can be changed. Careful not to let that cannonball hit you.
When you buy a house you know what you’re getting into.
Sorry, I don’t subscribe to the pessimistic “landlords bad, capitalism bad” viewpoint of the world, not that this has anything to do with that anyway.
I brought up rent. While the long term consequences of paying rent and mortgages are quite different (equity, credit, assets, etc.) ultimately both are equal in that you are exchanging a pre-arranged amount of money on a schedule for a place to live.
Both are also equal in that failure to maintain such a schedule results in houselessness, one notably faster than the other.
> When you buy a house you know what you’re getting into.
A dubious assumption. Tons of people caught up in the 2008 housing crash were sold loans they couldn’t afford by financial professionals who knew damn well they could not afford it. Notably none of those families were made whole, and the banks who facilitated the crash were, because they effectively were wearing economic C4 vests and standing in the center of Wall Street, ready to blow the entire thing to bits.
> Sorry, I don’t subscribe to the pessimistic “landlords bad, capitalism bad” viewpoint of the world, not that this has anything to do with that anyway.
Yet you brought it up.
Sure, if one is a commoner.
If one is a large bank, then the American taxpayers can be forced to foot the bill for the government-funded bailout.
Take an out student loan? One is on the hook until the loan is paid or severely disabled/dead.
Take out a PPP loan? Ah Hell, just keep it. No worries.
Any house I lived in for more than a year or two I miss. It can be really painful to remember I can’t take my kids to my childhood home because my parents moved. Heck, I occasionally miss living in the first house I bought and I’m just renting that one out.
I don’t disagree that people need to pay their mortgages, but we also should recognize that there are real externalities involved. Thinking you had stability and then losing it hurts. Being forced to relocate hurts. Feeling like you failed your family hurts. Those undergoing that deserve grace, compassion, and understanding. Sometimes they also deserve our charity.
It will still often be necessary for those people to move, but it’s not just a financial transaction for those being forced to leave their home.
