Morally Wrong or Financially Sound?
What would you do if your property value fell so low that it would take 10 to 15 years to see your home regain the value it has lost?
I think many of us are trying to gage this issue. It's easier to be on the sidelines, but when your faced with cutting your losses and giving your home back to the mortgage holder, you need to think of your family first.
In the article posted, one persons comment made me ponder this decision. I don't think it is a moral issue. If feeding your family and caring for them no longer is a choice you need to think about what's best for you. The bank is thinking about what's best for them. They have always looked out for their interests and have never had a heart when a foreclosure was warrented. Now that the banks are hurting, we need to consider having a heart to protect them?
No, I think every American needs to evaluate this issue for themselves. If it makes sound financial sense for your situation, you and your family need to make that decision. What do you think?
Tags: Foreclosure Morally+wrong Real+estate Mortgage
