David R. Miller laments that he can afford his home, but not his 15-year mortgage (Letters,
Sept. 7). Mr. Miller, next time around take a 30- year loan and pay it
off at the 15-year amortization rate. This takes longer than 15 years to
pay off but provides maximum flexibility to the borrower. This is what
we did when we bought our home 13 years ago (well before the meltdown)
and the strategy has served us well. We also never traded up even though
the lending markets would have made that easy to do. Unlike so many
others, we stayed in the same house all through the mania, continuing to
pay down and build equity, eventually adding on when we could afford
it.
Please don't compare the
housing meltdown to a natural disaster. You made choices and took risks
you ultimately could not afford. Please don't expect your fellow
taxpayers to spend the money they saved by making better choices to bail
you out. By the way, I live in one of the "hard-hit" regions.
Alan Sechrest
Mission Viejo, Calif.
Keith Burgess-Jackson, J.D., Ph.D. 