I really don’t understand why people are intentionally defaulting on mortgages when they have the ability to pay. The market slump represents a paper loss and that loss is not realized until a sale occurs. As long as I can afford my mortgage payment, then I will continue to honor my committment.
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When you buy a NEW CAR and drive it off the lot, you are UPSIDE DOWN...do people walk away?? This is a SICKNESS in our society.
because its a conflict of business and honor
People are bustng their rear ends - some without job security or wage security- to make payments on houses they bought for $500,000 that are now worth $200,000
And paying taxes taxes taxes to subsidize the same bank crooks who ruined the mortgage and real estate markets, and are now giving away loans for a new generation of irresponsible people to buy the house next door for $200,000
“Honor” in our society, when our eyes are opened and we see how we are being manipulated and robbed by crooks at every level...”honor” in dealing with such people is a relativist concept
I can foresee “every man for himself (and his family’s security”) coming into play some day when making decisions about whether my family, bereft of our 201K retirement savings, eats .... or a loan company and local tax collector gets paid