Let’s say you’re the typical middle to upper middle class American. You have worked your butt off for years, always paid your bills on time and even have some equity left in the place you call home. The economy was great a few years back, you were making plenty of dough and you decided to buy a condo in Florida or a place on the slopes or even an investment property or two.

All of a sudden your purse strings have really started to feel the pinch. Your credit cards are whacking you with late fees, over the limit fees, membership fees etc….  By the way, this is still happening every single day. Consumers are getting clobbered by intolerable fees and charges from the very banks our trillions in taxpayer money is going to save.

So the pinch all of a sudden gets out of hand. Something has to give. The condo in Florida you own is now 50K upside down and you anticipate ten years before it will even be worth what you owe on it. Take away that ball and chain of an investment and you can survive. Your family can survive. You can eat and pay the utilities. You call the mortgage company who holds the note and they give you the old we can’t help you until you are two months behind routine. Of course when you call back after becoming two months behind they tell you your credit is no longer any good and they can’t help you. This advice is being told to consumers by banks every single day! Amazing!!!

So I would like to ask Barack, Mr. President, if you found yourself in the situation of the example above – wouldn’t you have to consider the best financial decision for you and your family may possibly be to walk away from your condo in Florida? Guess what – it is happening! And until you pass some new rules to help underwater homeowners out, foreclosures rates will continue to skyrocket. And you know what, the stigma that has always been around someone with a foreclosure or bankruptcy just somehow doesn’t matter anymore. It may just be a very wise financial decision………   

ANNAPOLIS MARYLAND MORTGAGE EXPERT