3/14: When home value is underwater
Moderated by Rick Badie
Say that you owe more than your home’s value. Underwater, it’s called. Perhaps you could afford to pay the monthly mortgage until you lost your job, experienced a divorce or had some other financial setback. Do you, the borrower, honor the debt as obligated by the contract? Or should you walk away and leave the lender hanging?
Today, writers Phil Baldwin and Michael R. Bang offer their views on what financial strategies to consider. And Edward “Ed” L. Jennings Jr., regional administrator of the U.S. Department of Housing and Urban Development (HUD), warns against the dangers of mortgage scams.
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21 comments Add your comment
JaQwannia
March 14th, 2012
5:45 pm
Many people who rushed into home ownership didn’t realize what an expensive proposition it is. There’s not only the mortgage payment but annual property taxes, insurance, neighborhood association fees, and maintenance/upkeep. That last one…not a big issue for a new house but as it ages things start to wear out. Then when you have to replace the carpeting, the roof, appliances, the central heat and air system, you quickly learn why houses are referred to as money pits.