Are you tired of people just walking away from their mortgages?

I keep hearing people talking about buying a new home at a much lower price and then short selling their existing home because they owe too much on it. This is a big part of the problem and the home prices will not stabilize until people stop just ';walking away';.Are you tired of people just walking away from their mortgages?
Yes, what gives them the right just because they spent to much!Are you tired of people just walking away from their mortgages?
Actually, that is just a symptom of a much bigger and more complicated problem.





That problem is lenders who think that everyone should own a home and that put people into unrealistic mortgage situations. That, combine with consumer who do not take the time to investigate and educate themselves on exactly what they are getting in a mortgage product are the real problems.





The lending community for the last 10 years has been increasingly focused on making money hand over fist at expense of the consumer. They consistantly lowered the bar for qualifying for mortgages and encouraged consumers to max up their mortgage debt to unrealistic amounts. The lending community set themselves up for the current foreclosure and short fall rate with their short-sighted lending practices.


Additionally, consumers, who in every other area of their life investigate the product until they find the very best, will just blindly agree to whatever the lender tells them without out considering their actual budget or what may happen in the future.





Home prices will not stablize until consumers start educating themselves and lenders start demanding higher standards for borrowers. They need to face the reality that some people just should not own a home because they cannot handle the financial responsibility that goes along with it.
People can walk away from their mortgage/home, but it will also ruin their credit. The mortgage company OWNS your home until you pay it off..when you can't pay for it and the mortgage companies won't help you refi, then there is nothing else they can do, since no one is buying either. President Bush wanted everyone to own a home..I mean everyone, so the mortgage companies were asked to help everyone and the low interest and no down payment is what they came up with. Everyone knew what they were getting into and everyone wants a home. Unfortunately the interest rates went up and it hurt so many people. Everyone can't afford a home and this was a way to get their dream home. Middle class people decided to do the same and buy Way too expensive of homes and really got stuck...too bad. It will get better, but will take more time.
You can't just walk away from a mortgage.
It will catch up with them eventually.

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