Thursday, September 16, 2010

Fed Up With Banks: 36% Believe It's Ok To Walk From Mortgage

More than a third (36%) of respondents believe “walking away” from the mortgage is acceptable, according to a Pew Research Center survey released today.
Two-in-ten (19%) said it was outright acceptable, while an additional 17 percent “volunteered” that it depends on the circumstances.
In other words, they said it was acceptable but threw out the “it depends” comment to validate their response, despite it not being an option in the survey.

“Nearly half (48%) of all homeowners say the value of their home declined during the recession, and as a group they are more likely than those whose home did not lose value to say it’s acceptable to renege on a mortgage (20% vs. 14%),” the survey said.
“But homeowners who say their homes are worth less than what they owe are not more tolerant of the practice than those who would break even or make money on a sale (18% vs.17%).”
Renters were even more likely to say it was okay to stop making mortgage payments, with 25 percent saying it’s acceptable to walk away.
And 24 percent who said they are just able to pay their monthly bills or can’t meet expenses said it’s okay to stop paying the mortgage, compared with 14 percent of those who say they “live comfortably.”
More Here..



  1. There is nothing with walking away from your mortgage. You walk away and give the house back, since the house is collateral. That's what your mortgage contract says. It's not like you get to keep the house without paying for it.
    There is nothing unethical or immoral about giving your house back to the bank.

  2. 11:28 most religions would frown on that. They would rather you slave away, paying the fake CRIMINAL interest back that has been so ingrained in our heads.

  3. I would walk away in a heart beat if I had to in order eat, feed may family, or it makes good sense. Business people walk away from bad debt all the time, and its called good business sense, and cutting your losses! Now they're running scared because the American people are waking up from the nightmare.


  5. 11:56 that was posted here already. Washington Post and the secret government article, nothing new.

  6. This one of those subjects that "they" try to put every peg in the same hole.

    There are so many different circumstances - that it almost needs to go case by case.

    I will say that there is something fundamentally wrong if this many people run their finances soclose to the wire every month just so they can have a brand new home, a brand new car etc. etc.

    I mean there has to be some common sense interjected in all this for "the next time around" or we will soon be right back at square one

  7. The banks screw us over without shame. Have you ever been out of town and swipe your credit card while low on funds? Even a credit Union will not make an effort to contact you. The card does not get declined. The cup of coffee ends up costing $26.00. Do I feel sorry for the banks that are going under? Hell no!

  8. Be sure and vandalize your home on the way out. This will stick it to the greedy bank and create jobs for local handyman.

  9. How do you think the banks got this way? For a con to work you need a mark. Hard to really blame the shysters for taking the money the uneducated morons so happily handed over for useless crap and homes above their means.

    About time the unwashed masses put down the Twinkies & TV remote and say WTF? The clueless created this mess and they can end it. Stop playing with these banks you fools,

  10. Actually most major religions, outside of Judaism, actually ban usury. There is some debate but the rate the banks set are almost definitely usury. You are not supposed to be able to make money like that.

    So instead of continuing to commit sin, you should indeed walk away, and never pay late on your credit card either. Credit is pretty un-Christian to begin with.

    Also walking away is strategic. The bank gets a house. That is their threat, it's not like foreclosures are bought by the homeowner, the banks use that as the threat to get the house back and kick the homeowner out. The closer you are to paying back the loans entirely the quicker they want to move to foreclosure and the more penalties they like to slam in for a payment that is even a day late, even if they mailed the notice out late. They are certainly not innocent.

  11. yeah something wrong with american economy for decades, and we're the one who accts our own checkbook so to complain about swiping your card when broke and how they should notify you is your own fault-your broke-live within your means. Not saying there's no bank fraud but what part we all played? Why is it a "consumer" service sector economy? did we borrow? was a gun placed to head to make us borrow well beyond ourselves? been watching to much tv to think our lifestyles should be as that seen? Why jobs so low paying? who spoke out when nafta 1st came along? what did we think was going to happen? why people vote for the crooks? why nobody look at history? D Eisenhower warned us in '61 and M Gravel repeated it, why no ears? to busy tweetering?

    lol-stop whining, your broke mostly because you spend to much because your programed to do it, the banks are broke because their lust for money knew no bounds even committing fraud to get it, Gov is broke because you elected crooks owned by banks and big corps and they turned around and gave banks tax dollers...sorta like you trusted men to do the right thing...maybe because of the lie that we're all basically good.

    once over that 1st lie and into the Truth, you can do good, and with contentment in life you'll live within your means, but to place your faith in men is a fools game.
    until we come to the Truth, we're just a part of the system we complain about

    if broke, may have to walk away, and yes the commercials do it. A service economy isn't sustainable, not for lifestyles we knew, many jobs last decade should have never existed if people wouldn't have borrowed to spend, so we'll see deflation in, useless assets, and inflation in needed things, get your needed things now

  12. 7:31 "lol-stop whining, your broke mostly because you spend to much"

    Millions of people have lost their jobs through no fault of their own. You may be next you arrogant prick. You think it is OK for the banks to gouge a client $24.00 for a $1.50 cup of coffee? Wow. Who else would get away with this?

    “because your programed”

    You should learn how to spell before you post condescending remarks.

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