In yesterday's Florida Association of Realtors Early Bird News, there was an article mentioning that South Florida is a "Veritable Atlantis" of foreclosures. I'm shocked that people would be supportive of walking away from a mortgage in such a non-courteous manner.
At the risk of being rational, we would be further watering down mortgages and property values. The more we walk away from obligations, we undermine everything which is logical, ethical and or morally sound. By putting our heads in the "perverbial sand", we think it will go away. If we look at walking away instead of making an effort we become the "I give up" society. Where does it end? Will anyone hold a word or bond as valuable? What then will we use as something we covet? How long did it take the 30's crash to come back? That was during a time when things were still of value!
I'm just a little shocked that we've taken all of this so lightly!! Am I the only one who has become increasingly concerned of our direction? I appreciate your insights as I may have overlooked something very obvious.
Concerned Realtor/Homeowner/Citizen for more answers!!