A growing and disturbing new real estate trend is homeowners simply walking away from their property and their loans. Consumers who put little or no money down, who live in an area where their house is now worth less than what they owe on it, and are facing their mortgage payments being adjusted upwards are deciding that they are better off to just leave the house with the bank. Of course, such a move remains a black mark on your credit report for up to seven years. Still to some beleaguered consumers, it’s worth it.
So prevalent is this trend that a website has cropped up, “Walk Away Today,” that guides families through the process and helps to use the stress and fear of facing foreclosure proceedings.
Are such “services” beneficial to consumers or so they prey of homeowners who are down on their luck and encourage them to make disastrous financial decisions? Personally, I would feel more kindly towards this Web site if it didn’t have a “We’ll buy your home” button on the front page.