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.