Monday, March 29, 2010

Walk Away from your Mortgage

I heard Terry Savage today on the radio. Terry is a well known financial advisor. Talking about the foreclosure and economic crisis in America, she, and other financial planners, refer to walking away from your house as a 'moral' decision the homeowner has to make.

Why don't they ask Donald Trump or any of the other large commercial real estate corporations if it is a moral issue when they walk away from upside down properties?

When a buisiness walks away from its obligations it has at least the same effect, if not more, on an area than if a single homeowner walks away from their mortgage.

If you are a homeowner who is upside down on your mortgage and struggling, Walk Away.

Your moral imperitive is to take care of your family and your financial health, not to your mortgage lender. They took a knowing risk when they made the mortgage. They made a business decision. The bank is not your freind or family. They just want your money. Don't pay your bills out of morality. Pay your bills if that is what is good for you. Act like the big dogs and if not paying your bills is better for you then walk away.


No comments: