Is Walking away from your Mortgage Morally Wrong?
It depends.
I just saw a great article and video on Yahoo Finance.
Megan McArdle puts it very nicely how and why she feels it is very wrong for people to just walk away unless they are in circumstances that provide them no other option.
She points out how "flippant disregard for promise to pay" will change the face of lending as we know it.
Check it out and you decide.
In my personal path, I have only run into people that have lost their home or decided to let it go, because they have no other option. Megan McArdle - agrees that these people that have no other choice should immediately contact their bank about a short sale and help the bank sell the home and minimize the losses.
Chris Ormsbee
www.C21ActionRealty.com/cormsbee
Chris Ormsbee - Colorado Licensed Real Estate Broker/Realtor
Give me a Call - (970) 209-0252
Century 21 Action Realty - (970) 249-7777 - 1245 E Main St. Montrose, CO 81401
Check out the websites if you like:
www.SoldCORE.com - Western Colorado Real Estate, Community, and Demographic Information and Links
www.MontroseGoldTeamBlog.com - Information and Opinions about Real Estate, The Job of selling it, and the process of buying or selling a home or commerical property. Especially in Montrose Colorado.
www.C21ActionRealty.com/cormsbee - Search Western Colorado & Montrose Homes & Properties Here!
www.C21ActionRealty.com - The Century 21 Action Realty Website (search properties or find other agents in my office.)
www.YourCOREAdvisor - Blog with other information about buying and selling Real Estate.
