Homeowners Who Can Afford Payments Should be Careful About Walking Away From Mortgages

Some people say that homeowners shouldn't walk away from their home loans and mortgages if they can afford to make the payments.

 

"Strategic defaults" on home loans are considered by some to be antisocial and perhaps amoral.

 

One reason is that foreclosures depress the neighborhoods and drive down property prices and values. 

 

Another reason according to some people is that default on home loan "debases the character of the borrower".  

 

Is this the high moral ground?

 

Should we follow the message to build strength of enduring relationships?  Or does that old fashioned concept count for less these days than the value put on homes and assets?

 

_______________________ 

Harrison K. Long, Explore Group, Coldwell Banker Previews, Irvine, CA.  Irvine Realtor.  CA DRE #01410855.  ExploreProperties@gmail.com.  Tel. 949-854-7747.  

                 

NY Times article - The Way We Live Now - Walk Away From Your Mortgage - click here to see article.

 

 

Posted via email from Explore OC Homes