Is it wrong to walk away from your mortgage?
Is it wrong to walk away from your mortgage ... just because you can’t afford the payments?
Let’s say you have a mortgage that you can’t afford any longer. You’ve got an adjustable rate mortgage. And when the rate keeps “adjusting” 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 life’s not always fair. And it’s 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?
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Comments
My son has an ARM and he signed it because he was at a job where they promised him raises on a regular basis but instead went bankrupt and he was unemployed. He had planned to refinance. Next job he does not make as much. He was going to try selling for the balance owed. I would have done the same. That in mind, I also blame the realtor and his boss. She was the boss' sister and just saw a young family in love with a home they really could not afford. ARM's should be illegal.
Mara, sad story, all too common during this mortgage mess. Hopefully it will all work out for your son.
Kris
http://www.Debt-Tips.com
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