Ok, you walk away from a $1,500 mortgage payment so you can rent a $1,500 a month apartment?
What some are doing is not paying the mortgage, waiting for the foreclosure, which probably takes over a year these days, and using their funds to buy things they could not afford when they were hampered by a living expense. BTW, when they don’t pay their mortgage, which includes a tax escrow, whom makes up the taxes? Who bails out the mortgagor? Me and my family, that is who. Some has to pay, and I don’t want it to be ME.
I am beyond tired of paying for someone else’s mistakes by buying more home than they could afford or having over extended their finances or for kids they cannot afford, or for government provided entitlements that are nothing more than theft from those who pay taxes.
The average dummy is probably on the hook for 3 grand or more in mortgage. If they had 1500 in mortgage they’d ride it out.
Okay, out here in CA most of them walk away from a $3000 mortgage payment on a 3 bdrm 2 ba to a $1500 rent payment on a 5 bdrm 3 ba (or something similar...)