Paying People Not to Walk Away
Many homeowners are so far under water on their mortgages that they’re tempted to walk away and rent elsewhere, even if they can afford the monthly payments on their current mortgage.
February 09, 2010 | Tconsoli | Comments 2 | Filed Under: Daily • Government • News • Wall Street • World
Sean McLeary | Feb 9, 2010 | Reply
I’m one of the ‘lucky’ ones who has received this offer. I really was not planning to walk away as my finances are picking up and I don’t want the upheaval in my life right now. My question to you, Joe, is what would stop me from responding yes to the offer, and refinancing tomorrow with a different lender and walking away with the $17,000 I am being offered. Am I missing something?
Allison S. | Feb 9, 2010 | Reply
Sounds iffy to me. How do I know that the banks will even be in business when I finally pay off the loan?