I had jotted down notes with the following question and results from a seminar or webinar, not sure which and found it interesting...
"Is it acceptable to walk away from a mortgage?"
- 59% - Unacceptable
- 19% - Acceptable
- 17% - Depends on the circumstances
- 5% - Don't know/refused to answer
I can remember not so many years ago that foreclosure was something no one wanted to admit to or talk about, it was embarrassing and devastating. I was not surprised by these numbers, over half of those surveyed still think it is unacceptable. What was not clear to me was this - who responded to the survey? I wonder how much the response would change based on the age group, location, profession, demographics etc. Now we have "short sales" that have become so common and can be an alternative to "foreclosure", so perhaps the responses included not only "foreclosures" but also "short sales". Both could be considered walking away from a mortgage, with the exception that the seller may participate financially in a "short sale".
I hope that we see the day very soon that homeowners do not have to face the decision to give up their homes, but I also hope to see the day very soon that we get back to buying a home for the right reasons. Until then, we will continue to help homeowners with the information they need to make an informed decision.
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