You know that when you walk away, you are essentially shafting all the people that told you not buy in the first place?
If you reread his post, he’s not walking away. He’s simply using his leverage to extract a better deal from his lender. I don’t have a great problem with that, morally speaking.
If I were underwater, I wouldn’t blame lenders, agents, the government or anyone else for that matter. I’d be thinking about the next step to improve my balance sheet. If walking away makes the most financial sense, then you must consider it. Same goes for loan mods.
These are called business decisions and they are made every day.
In 23109VC’s case, it’s definitely in his interest to squeeze the lender for concessions. It is also in the bank’s interest to give up those concessions.
