Let me be frank, I’m just SICK of a lot of people here bringing up everything that I say and/or believe has to do with Mitt Romney. That’s childish. No where in the article was his name mentioned. It’s time for this to stop. I could say the opposite and say that’s why good people like me support Mitt Romney. I don’t walk away from my responsibilities and obligations. I make a promise — I see it through. The #1 lesson in life is that CHOICES HAVE CONSEQUENCES and you live with them. My real estate agent told me that I could afford double my house payment. Is she making the house payment or am I? DUH.
You mean everything ISN’T about Mitt Romney? Coulda fooled Mitt! ;p
It’s good that you were smart in making your home purchase. We did the same and the realtor and bank people tried to get us to spend more too, but we didn’t bite.
But why should this guy not take advantage of his contractual right to get out of his mortgage? Why should he keep paying twice as much as his house is worth? Just so you’ll feel better about the smarter choice you made?
If it is a non-recourse loan, a borrower who returns the property to the lender in good condition rather than continuing to make payments if fulfilling the terms of his contract.
If fact, the Constitution entitles all parties to the benefits of their contracts. If it is more beneficial to return the property to the lender than continuing to make payments on a significantly upsidedown mortgage, the wise financial decision may be to do exactly that.
People should not be so emotionally attached to relatively simple financial decisions THAT ARE IN COMPLIANCE WITH THEIR CONTRACT.