A Consuming Interests poll you'd be interested in
The Consuming Interests blog is asking a question that homeowners and economists alike are wrestling with: Is it ever the right decision to walk away from your home and your mortgage?
In a New York Times magazine piece, Roger Lowenstein argues that corporations default on loans for business reasons, so why not Joe Schmoe?
Mortgage holders do sign a promissory note, which is a promise to pay. But the contract explicitly details the penalty for nonpayment — surrender of the property. The borrower isn’t escaping the consequences; he is suffering them.
It's a hotly debated issue, as you can imagine. What do you think? You can take the Consuming Interests poll here.