Strategic Default: Hard times means tough decisions - Not an easy way out

Why is it that the majority of posts written about strategic default assume that the people who make this decision just decide one day to walk away from their home? Do you think these folks don't think long and hard about what they are doing? Do you suppose they just make this decision at a whim, because they read it somewhere that it's possible and they're looking for an easy way out? I don't think so... I think they have their reasons...

A contract is a contract is one of the arguments I read. Well, contracts get broken all the time. Many years ago I entered the contract of marriage. I broke that contract with my divorce when my boys were 11 and 9 years old. Did I think long and hard about it? Yes, I was conflicted about the impact it would have on my sons. I had many sleepless nights and beat myself up about it for a long time after that. I was disappointed in myself for breaking the contract, but I did it anyway. My sons survived. They knew it wasn't something I took lightly. My core values didn't change. I still raised them right and made sure the bond to their father stayed intact. They know contracts are not made to be broken, but they know sometimes it happens anyway. It's just not something you do lightly.

For some reason it seems that the ability to pay a mortgage means you should be paying it and that hardship is the only reason for walking away. So let's look at that word hardship. What does that mean exactly? Isn't it a hardship to continue paying for something that is bound to land you in financial ruin? How about the stress of watching everything you've worked for go down the tubes? I just don't think it's as easy as pay and stay or don't pay and go. There's more to it than that. These are people faced with tough decisions. Walking away is not the easy way out. It's just what they decide to do after thinking long and hard about their situation. I don't see why we have to give them such a hard time when quite clearly they're having a hard enough time of it as it is.

Just an FYI for anyone thinking I'd be the first to head for the door at the sign of trouble. Not so. I have been in the situation twice in my life after relocating with a need to pay for two homes while waiting for one to sell. It was an unbelievably stressful time, but I don't think it compares to anyone in this situation. At least I knew there would be an end to my dilemma sometime. My house would sell - eventually... And I would come out ahead, (or at least break even). That's not the situation anyone who is thinking about strategic default is in. Just cut them some slack, that's all I'm saying...