Every person that does this puts everyone else a little more “under water”. It’s dog eat dog in America though and Americans are always gonna take care of numero uno. that’s how we roll.
I'd expect someone who thinks this is the way it's done, that this is the way America became the greatest, wealthiest nation on the planet, to flame the bejezzus out of me when I say things like, "free markets cannot function without an informed moral conscience of its participants." That would imply things like "rule of law," "sanctity of contract," and "trustworthiness.""
dog-eat-dog is for animals -- in fact, I'm not sure even dogs do it. If you want to ruin an economy for good, teach people that it's OK to fail to honor their commitments. It works every time. It's working again.
Very good point. It’s happened in our neighborhood. The foreclosures have lowered the price of other homes, thus putting more of the homeowners underwater.
We bought our home 20 years ago, and some foreclosoures in the area are selling for the same cost as the homes were 20 years ago (granted some fixing up is needed on those types of sales) but those being hurt the most bought within the past 5 years. With each foreclosure, and lowering of the house values, they’re more and more underwater (and these are not people who bought houses they couldn’t afford...they can afford them, but as the article stated, it’s like throwing good money after bad, especially if it should take another 20 years for prices to return to the value when they bought.) Add to that taxes and insurance (we’re in Florida and homeowner’s is ridiculous) and I think you’re going to see more people walking away.