You hear about it happening more and more frequently — homeowners walking away from their mortgage. Is this a good idea for Tehachapi homeowners? This is a tough subject for most of us. Those of “a certain age” could have been counted on to answer a resounding “No!” to that question even a few years ago. But the times, they are a changin’.
A recent study indicates that the majority still think abandoning the debt they incurred for the house is wrong, but the split is closer than you may think. Only 59% think it is unacceptable — that’s barely more than half. For more info on the study results, read the article.
Now, more and more homeowners are choosing to walk away. They are doing it for various reasons, but one I hear increasingly often is that they think it’s their only option. The good news it that there are often other choices available. If you know someone that might be struggling with a mortgage that is more than they can handle, click here to find out how to sort out the options.