A follow up to our entry about mortgage modifications: Roger Lowenstein’s report in the NYTimes has caused a great stir in the blogosphere and among radio pundits. We (rightly) have a moral expectation of those who borrow wealth (be it money, our cars, or our favorite tool in the shed). Yet many folks are simply walking away from their underwater homes, even though they have the means to pay. Though the concept is not new, even within the Great Recession, the clarity of Lowenstein’s argument and the real-word (and widely accepted) examples of corporations, investors, speculators, and sports teams who ‘walk away’ from assets every day give one pause-for-thought.
MKCREATIVE state no recommendation on this issue, only that you be informed and aware of options.
