[lbo-talk] Go Ahead, Walk Away From That Mortgage

[Miles Jackson]

Steven Robinson wrote:
>
> Go Ahead, Walk Away 
> There is nothing immoral about ditching your mortgage. 
>
> By Mark Gimein 
> The Big Money 
> Thursday, October 8, 2009 - 6:18am 
>
> Last month a study from the credit reporting agency Experian and consulting outfit Oliver Wyman estimated that close to a fifth of troubled mortgages involved borrowers who were "strategically" defaulting-walking away from mortgages they could pay but decided not to because they owed more than their houses were worth. 
There's something profoundly sad in this: "the place I live is a 
commodity, and if the market value decreases, I'm dumping it".  I could 
care less what the current market value of my house is; I'll be living 
in it for many years, and I have no interest playing real estate mogul 
and flipping houses for cash. If the value of my home were to drop 50%, 
the only real impact on me would be lower property taxes and home 
insurance rates.  What's not to like?

Miles