Check out this article and share your opinions: http://ow.ly/1P2wR
When is it “okay” to default on your mortgage? Some say it’s never “okay” as you entered into a legal contract to pay your mortgage and to ignore that commitment is morally wrong. Others feel that the government and lenders are to blame. What do you think?
How much blame does the government and/or lenders deserve? How much blame should be placed on the buyers themselves? What about the ARM woes? Were buyers given the opportunity/tools to purchase above their affordability? Yes. Did all buyers fully consider the implications of the loan terms and conditions? No. Was it worth it to get a bigger house only to potentially default in a few years because you can no longer afford mortgage payments? Throw in unemployment, loan modification plans that nobody can qualify for, decreased property values and you’ve got some serious problems.
That being said the market appears to be holding steady if not improving slightly. There will be more foreclosures and short sales coming down the pipeline. Great time to buyers to purchase a home. Homeowners if you can afford to make your mortgage payments; hang in there!