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| Saturday, March 14, 2009 |
| Just a thought: Walking away from home when underwater? |
One of the questions that even some financially-stable people, who have jobs and the money to comfortably pay for their mortgage but are underwater on their fixed-rate mortgages, asking these days is "Should I just walk away from my house rather than continuing to pay mortgage on it? In my view, the answer is very simple - you should feel free to walk away from house, sticking any losses to your lender, if:
- you would have also walked away from your house if your house had appreciated substantially instead of going down in value, ie, you would have shown the same generosity of passing any home value appreciation to the lender as you are showing when your house value has declined below your mortgage.
- you were the lender and had issued the mortgage to another homeowner, and you would have also liked that person to just walk away from his/her house simply because s/he was underwater on his mortgage even though s/he had the money to pay for it.
Just a thought. |
posted by Little Rishi @ Saturday, March 14, 2009
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