Quote:
Originally Posted by MarkyMark
Of course with a crystal ball they look like idiots. You could call a guy who worked 24/7 in his youth so he could have a big house and retire early instead of spending more time with his family only to die from an illness a few years beforehand an idiot too.
Not everyone gets to ride out the wave when their house loses value, and when you're forced to sell and 200k in the hole they might have wished they didn't listen to everyone saying Vancouver is different when it comes to housing.
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No, no one would ever call that guy an idiot.
It would be very unfortunate but no one would call him an idiot for working hard in his youth and trying to retire early with a house that was paid off.
As long as one can pay the mortgage, I don't see they would be forced to sell their place at a $200K loss.
If they over extended themselves, then that is a different story.
But if they had solid financials and bought within their means, then that shouldn't happen.