Posted: 4/17/2012 4:48:22 AM
Originally Posted by wallstreetcappers
Thats tough but you signed the documents, so if you CAN pay it you SHOULD pay it.
It is unfortunate that our society wants to bail on obligations because the value of the house goes down or because others are bailing.
What accelerated and keeps suppressing the market is people wanting to bail on their obligations, leaving those who are trying in the grasp of this situation.
It might sound harsh but at some point if you sign the line and can make the payments you should continue to uphold your obligation.
Let's say Donald Trump or a big corporation brought property and the bottom fell out, and they were severely underwater on said property. They would walk away from it and cut their losses and it would generally be applauded as a good, tactical business decision.
Normal people employ the same strategy and they're wrong and deadbeats. Go figure.