Quote:
Originally Posted by Ron Bennett
Why keep paying exorbitant loan payments for an underwater asset ... and hence, "Strategic Default" to dump and/or force a renegotiation by the lender - common practice in business.
Ask yourself why it's ok for corporations and the rich to default to dump overvalued assets, and yet somehow is wrong for the "regular" people.
Increasingly, the general populace can see through the double-standard and have come to realize that only chumps keep paying on a loan with lousy terms on an asset that's underwater.
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2 Wrongs do not make a right. It sucks when Corporations do it also. My point is, MOST cars are underwater as soon as you drive them off the Lot!
You have to be 60 Days Late, just because your house is Underwater, does NOT Change what you were to pay before it was Over Inflated in Price!
I am NOT against the banks making the mortage adjustment of the loan to be what the house is Now worth. But you have had to already be Late on payments you already agreed to.
I sure do not see people or banks asking for More money when the houses go UP in Value.