I have been told from several sources several times that many people who have a successful business have been bankrupt at least once before. Nobody seems to condemn these people for not paying back on these loans even after they have a successful business and have the money.
My first house went negative for awhile but I still paid my mortgage. It was still cheaper than rent and I had the money. Last year when I bought my new house I paid about 1/3 of what the last person owed on it.
To make the numbers simple lets say I paid $100,000 and a person a few houses over has a mortgage a comparable house for $300,000. There are several more houses available in the area for $100,000. He can not refinance to the lower rates available because he owes to much. If this was business and not homes most would just consider it a learning experience and they would leave.
What should an individual be different?
I do.