Recently, an article appeared locally about people who walked away from an underwater asset. They had the means to continue to pay into this black hole of an investment. By "black hole" I mean that money put in will not come back even in the years to come. After much deliberation and sleepless nights and with financial counseling, they walked away
ITS AN INNER TAFFY PULL TO DECENT FOLKS
It was a difficult decision for these people to make and all the pros and cons in regards to it came up. It caused a taffy pull within ones self. One side of you says to keep your promises, stay your course and protect your credit. Another side pulls on you that says I will have nothing to show for it (equity) years later. Then what do I do?
THE REALITY STINGS EITHER WAY
The people who walked are decent people trying to make sense of it all. On the advice of Real Estate professionals and financial consultants, they were told to walk away. The advice consisted of facts, not moral judgments. Paying into something that will not recover or hold any value until then is throwing money away. In three short years, they can re-enter the housing market again
WHAT A MESS
No need to bring up the moral versus contract points of view nor the pre-agreed to remedy. One thing that we can all agree on is that no matter what side you take, both choices remain uncomfortable to say the least. Whatever one decides to do, may it go well for you
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