[CITY] Real Estate News

Many homeowners and investors are simply walking away from their mortgages because they either can no longer afford them or they can afford them but don't want to throw good money at a bad investment.

In some states one can just walk away as all the bank has is the home for collateral and they can't come after you for anything else, done deal.  In other states such as Florida they can come after you for the "deficiency" between what they eventually get for the home and what your loan was for.

Many think the banks over sold their loans, still took their huge bonuses, and refuse to work with or make it very difficult for homeowners to refi or re negotiate their loans so they deserve what they get!

I have seen mortgage companies lose much more than they needed to on a home because of their stubbornness.

I am wondering how you the public feels about all this and do you think just walking away is ok?