GI Jane Finances

January 3, 2010

Bailing out on a contract

Filed under: Uncategorized — gijanefinances @ 11:17 am

Interesting read…a lot of venom from the readers.  As someone who experienced the selling in a down market, I do not think it is an ethical decision.  I lost more than $17,000 in selling my house.  Not sure what I would have done if I had been upside down by a couple hundred thousand dollars.  But, my security clearance and conscience would not allow me to “strategically default” on the mortgage. 

NPR story: Walking away from the house she can afford

Many homeowners who are tens thousands of dollars underwater on their mortgages — meaning they owe more than the value of their homes — have decided it’s just not worth it. Some, like Heather Baker, can even afford their payments, but they’re walking away anyway.

Baker is done with being a homeowner. Last month, she stopped paying her mortgage.

“Who says that my American dream has to be a home with a white picket fence and all of that?” says Baker, sitting at her dining room table.


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