“hopelessly upside down on a townhouse in San Marcos, he’s locked into a 9 % fixed rate, paying about $4500/mo for a 2 BR townhouse”
“those that don’t do it will be labeled as “suckers””
I have a hard time with the walk-away issue
the way I was raised makes me think that we should all honor the commitments we make – if you sign on the dotted line you should do everything in your power to honor that commitment
but then I read something like the first quote and think, “sucker!!!”
suckered into the housing bubble, suckered into taking on a too large mortgage payment, suckered into doing the ‘right thing’ by continuing to make payments on the mortgage – sucker!
logic tells me that the person being referred to will ultimately lose the townhouse so he might as well walk away (or at least stop making payments) before doing anymore damage to his finances
