I’m jumping into the middle of the conversation you have been having here, so not directly related to a specific post. Just raising a point.
I’ve a few friends that have walked from their home loans. Not one of them can be characterized as getting a loan they could not afford. They had good steady jobs with loan amounts that did not have them over their heads.
They lost their good paying jobs and income. All but one had savings that could have carried them for awhile in the house. It became a business decision for them to walk.
They looked a house that was worth half what they owed. Another house that was just as nice was available for rent at less than half what their mortgage payment was. Why not walk? Why shouldn’t they?
Heck, why not go rob some liquor stores? They have cash around, booze too... so why not?
“They looked a house that was worth half what they owed. Another house that was just as nice was available for rent at less than half what their mortgage payment was. Why not walk? Why shouldn’t they?”
Banks walk away from bad investments ALL THE TIME.