Should You Walk Away From Your Mortgage?
Although many will not agree with this article and neither am I, I want to paste an article that I posted before from The Wall Street Journal because they make a great point.
“If the intent is to help homeowners, then foreclosure is undoubtedly the best solution. Household balance sheets have been destroyed by taking on too much debt via the purchase of inflated assets. With so little savings, a household with negative equity almost implies negative net worth. Walking away from the mortgage immediately repairs the balance sheet.”
You can read the article and decide for yourself.