Poll: Is it OK to Walk Away From Your Home?
The moral and ethical debate continues but it appears that more people are not taking such a hard line on this issue. A couple of years ago, I was among those that felt that walking away from a mortgage was the absolute last resort and should only happen if there was a severe hardship invloved. After three years of talking to hundreds of homeowners looking for options, I have softened my stance.
My personal feeling now is that it is not for me to judge another person’s morals or ethics. These are difficult times and, with the downturn in the economy and housing market, homeowners are having to make decisions that will affect the rest of their lives. My role is to provide as much information as possible to assisit them in makiing the right decision. The decision they make is their busines and I will not sit in judgement of them.
I don’t want to get into a long political post here but the fact remains that many people are very frustrated and upset that some of the parties that caused this meltdown in the first p[lace are being bailed out with government dollars, OUR dollars. Add to that the ridiculous bonuses being taken (and it’s still happening) and it is not hard to see why many people just do not care about the ethical and moral issues. They consider it their personal bail out program.
These are VERY strange times and I can’y wait for some normalcy to return to real estate.
