Mortgage Debt Quotes

Bad debt is debt that makes you poorer. I count the mortgage on my home as bad debt, because I'm the one paying on it. Other forms of bad debt are car payments, credit card balances, or other consumer loans.

Millions of Americans were duped by the federal government and the Federal Reserve into buying homes they could not afford and failed to count the cost. When the financial crisis of 2008 hit, they could not keep up the monthly mortgage payments and defaulted.

Housing wealth - the net equity held by households, consisting of the value of their homes minus their mortgage debt - is the most important source of wealth for all but those at the very top.

I'm short-selling my house. I have more loans than I can sell the house for. The house will not go into foreclosure. It will be a short sale. I can't afford the house as I once could.

Our Sheffield and London homes are worth well over a million but the bank owns most of them - we are mortgaged up to the gills.

The federal government... announced a plan to spend, like, a trillion of taxpayer dollars to buy out bad mortgages and debt. Wall Street was surprisingly enthusiastic about the plan to save their (butts) with other peoples' money. It was either that, or Sarah Palin's idea to sell it all on eBay.

I had a couple come in with a negative amortization mortgage on a house that costs way too much relative to their income. They're consuming real estate, not investing in it.

Nationally, the share of mortgages that are underwater fell by about one-half between 2011 and 2014.

In a forbearance, the homeowner pays interest and principal on a smaller mortgage, at least for a time, but still owes the full amount. The lower monthly payment helps with affordability, giving stressed homeowners a break.

The decline in home equity makes it more difficult for struggling homeowners to refinance and reduces the financial incentive of stressed borrowers to remain in their homes.

When you default on a secured debt, the creditor takes the asset that backs up that debt. When you convert credit card debt to mortgage debt, you are securing that credit card debt with your home. That's a risky proposition.

While I encourage people to save 100% down for a home, a mortgage is the one debt that I don't frown upon.

In Bakersfield, California, a Mexican strawberry picker with an income of $14,000 and no English was lent every penny he needed to buy a house for $724,000.

We unfortunately did foreclose on certain people in the military.

People are living longer than ever before, a phenomenon undoubtedly made necessary by the 30-year mortgage.

The good people of Dakota offered to give Calvin Coolidge a farm if he would live on it. I wouldn't advise you to give those people too much credit for generosity. There is not a farmer in any State in the West that wouldn't be glad to give him a farm if he will paint it, fix up the fences and keep up the series of mortgages that are on it. And if you think Coolidge ain't smart, you just watch him not take it.

For 99 percent of the beasts on this planet, stress is about three minutes of screaming in terror after which it's either over with or you're over with. And we turn it on for 30-year mortgages.

When I was growing up, I heard horror stories about producers losing their houses overnight. No matter who the family is, hearing of them getting evicted is very sad.

I was only 21 when I bought a five-bedroom detached house in Stoke-on-Trent that was way outside of my financial status in life. I did it by borrowing money from my family and the bank, taking out a huge mortgage.

We paid for this instead of a generation of health insurance, or an alternative energy grid, or a brand-new system of roads and highways. With the $13-plus trillion we are estimated to ultimately spend on the bailouts, we could not only have bought and paid off every single sub-prime mortgage in the country (that would only have cost $1.4 trillion), we could have paid off every remaining mortgage of any kind in this country - and still have had enough money left over to buy a new house for every American who does not already have one.

The president says, 'There is lots of people worse off than the Farmers.' I don't know who it could be unless it is the fellow who holds the Mortgages on the Farms.

You also need to understand that when you consolidate credit card debt into mortgage debt - like a home equity loan or a HELOC [ home equity line of credit ] - you're taking an unsecured debt and turning it into a secured debt.

Virtually all student debt in the US is now held by the federal government. It would therefore be a relatively simple matter to forgive some, if not all of it. This would enable young people to transition much more easily into creating their own households and families. At the same time, if the government is going to enact a major program of student debt forgiveness, it should be at least equally committed to relieving the heavy mortgage debt burdens still carried by tens of millions of non-affluent households in the aftermath of the 2007-09 financial crash and Great Recession.

We have to be pretty tough with mortgage companies and say you have got to give people the chance to work out their debts, sort out future mortgages.

If home ownership is the American dream, then foreclosure certainly is the American nightmare. It destroys more than credit. It destroys lives. And its effects are felt beyond the individual family that it devastates. It shakes our entire economy.