Reward for Being Responsible

We see and read much of the plight of homeowners who are experiencing foreclosure. For most, we now know that it's due to rising interest rates and unmanageable new payments. We've been told about rotting pools, abandoned pets, homeless children, and vandalized properties, and bankrupt lenders.

In some areas the foreclosure rate is estimated to be as high as 40-50%. When I drive through some neighborhoods, it's downright depressing. I've already talked about how obvious many of the foreclosed homes are. I think of the families who have been displaced and the havoc this has wreaked on the country's economic status.

But, what about the owners on those streets who didn't fall into the greed trap? Who didn't obtain second mortgages or houses too big to afford?

It's estimated that 30% of homeowners own their properties outright. Even considering the rising prices of goods, these people may have no problem weathering this storm. They've done the right thing their entire lives--paid their bills in full on time, resisted the temptation to buy large depreciable items, lived below their means, provided necessities for their families. Those who pay their rents on time also must suffer from the actions of others.

What's their reward for living responsible lives?

Lower property values, higher rents (in some areas), eviction due to a landlord's default, unsightly views of foreclosed homes, vacant streets, loss of neighborhood friends, criminal activity in previously safe areas.

Those who live a life accountable to their income must be relieved that they will not be experiencing the plight of those who didn't. However, they also may wonder, "Was it worth it to work so hard and sacrifice in order to pay my obligations?"

We all know the answer to that one.