>>Truth is, the vast majority of these foreclosures ARE for deadbeat borrowers.<<
I don’t know of a single person who is up to date or one payment off their mortgage who has been foreclosed on. In fact, I know of a man who lost his home but has all the latest gadgets and toys. I-Pad the whole lot. All gotten since his home went into foreclosure.
I’m tired of paying for my mortgage and the mortgage of those who remodeled their kitchens and went on vacation. We’re eating hot dogs for heaven’s sake!
I just learned last week that a relative of mine has not made a mortgage payment in over two years. She’s still living there...
On the other hand, there are a lot of people in the middle trying to do the “right” thing but feeling like they are in a game of musical chairs where the actual winners will be the ones who threw in the towel early rather then watch their negative equity grow. I can’t fault someone who refuses to sacrifice their family’s current and future financial security and decides to walk away from mortgage rather than over pay for a place to live every month for the next 10 or 20 years.
Don't feel like you are alone. We paid our home off with monthly payments for the past 20 years, and now have to pay the for lazy deadbeats. We OWN our home now and it is worth only about $12 K more than when we bought it in 1990.
Sounds like us.