Should You Walk Away From Your Defaulting Home?


I have dealt with this topic before, and truthfully has done a reluctant job. It is not my place to tell people to just leave their home and rent somewhere. It is akin to telling a soldier to surrender in the face of a fight. My suggestion is to fight back, and it has always been that way. Why? Because this is your American dream? You have earned your home after a long struggle. You have pictures of your loved ones on the walls, and memories of happiness in every nook and corner. It is not only morter and bricks, it is your dream of love and affection and family and friends and dinners and quality time spent together. If you walk away, you are going to leave lots of body bags, and spoils of war for someone else to become rich. This home of yours has the pictures of your family, your loved one, and you had good memories. If you walk away, you are going to leave everything. When would you be able to buy another home? No one knows the answer.

You are sending a wrong message to your family and to your kids–homeowners has responsibility to their family and to your neighbors as well. We see voluntary defaults and they are a new phenomenon. It was not too long ago, when Americans would do anything to pay their mortgage — forgo a new car or a vacation, even put a younger family member to work. But the housing collapse left 10.7 million families owing more than their homes are worth. It is widespread that most of the homeowners are making a calculated decision to hang on their money and let their homes go. Is this irresponsible?

Our neighborhood are going to be depressed, the for sale sign everywhere mushrooming, and U-Haul truck roaming in our neighborhood. The government has done lackluster job. The new kid on the block, i.e, the much coveted Treasury Secretary is a bogus leader in this economy. He should be let go by Obama. He is an abysmal failure. Let someone better come. The home market is getting depressed everyday. The lenders has still the filthy and flimsy excuses of not doing enough, and their lists of excuses is getting longer and longer. NY Times, as usual my favorite papers has written and dealt extensively on this topic.

http://www.nytimes.com/2010/01/10/magazine/10FOB-wwln-t.html?scp=5&sq=&st=nyt

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