Time nearly up for Florida's "strategic defaulters"?
Floridians who lose homes to foreclosure may be doggedly pursued for unpaid mortgage debt
"A strategic defaulter is defined as someone who can afford to make their mortgage payment but...."
WARNING: Controversial Commentary Ahead! Well, I surely hope this is true. I've got a heart for everyone that's struggling financially- but as these words from this recent story in The Palm Beach Post indicate, time could very well be running out on folks that have the means to make their mortgage payments- yet have made the decision that they just don't feel like doing so.
Reality check, folks: sometimes real estate appreciates and sometimes it doesn't. That's what a market is- a place where value and worth are dynamic rather than static, a place where future value is surely without guarantee. I've seen more and more folks heading down this Strategic Default Highway- and I still can't seem to view the route as anything more than a path one chooses to take when doing the right thing and honoring one's committment has simply become un-cool.
I could be in the minority- which is all well and good, mind you- but I say this, Mr. Strategic Defaulter: Unless you plan on giving the mean 'ol banks some of your money to "make things right" down the road when property you own gains value, the "right thing" for you to do now is to pay them what you owe them.