Is it wrong to walk away from your mortgage ... just because you canít afford the payments?
Letís say you have a mortgage that you canít afford any longer. Youíve got an adjustable rate mortgage. And when the rate keeps ďadjustingĒ up over and over again, your payments get to be too big. You contact your mortgage company and they offer no help. After all, you should have known your rate could go up, causing your payments to go up with it. Would you simply walk away, losing the house - but sparing yourself the misery every month of struggling to pay your mortgage?
Seems like some people do walk away:
Homeowners Who Just Walk Away
In an ideal world, none of this would happen. But lifeís not always fair. And itís certainly not always easy.
But is it right for these people to just walk away? And abandon their house along with their mortgage? What else are they supposed to do?
More importantly, what would YOU do if it happened to you?
Post your thoughts below: