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Do consumers keep to their commitment as a moral imperative when it comes to making their mortgage payments? In today's real estate freefall, many are walking away from payments even if they are not mired in financial disaster..jpg)
In his article, Strategic Defaults: When Homeowners Walk Away From Mortgages They Can Afford, Realty Times' Bob Hunt reports that in general, homeowners will make an effort to continue to pay even when the total mortgage balance is greater than the value of the property, but they do have their thresholds. If they get too far underwater, many people will let it go -- even if they can afford to make the payments. We all know about this phenomenon, but few of us care to discuss it openly.
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