Quote:
Originally Posted by Amputate Your Head
It doesn't affect mom & pop who intend to stay in their home until they go to the grave. But for those not emotionally attached to their properties, trying to make a little profit, it is a very big deal. Especially when you can't get people interested even at a half million dollar loss price. It is a very big deal.
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You can either afford to pay your mortgage or you cant. The value of the home now doesnt matter. Just because the homes in the neighborhood have all dropped by half doesnt change the fact that you could still afford the mortgage that you agreed to.
If you purchased the home 3 years ago with the intention of flipping it for a profit than boohoo. Doesnt give you the right to get a handout because your investment didnt turn out. What disgusts me are the "strategic defaulters". The borrowers who can still afford to make the payments but choose to walk away instead because the home has dropped in value. Then that home either becomes a short sale or gets foreclosed on, becoming an eyesore, and lowering the property values of other peoples homes, who chose to stick it out and do the right thing.