The following Los Angeles Times article proposes a suggestion that it is in a homeowners “Best Interest” to walk away from a home that has negative equity, even if the homeowner can still afford the payments. Within the East Bay communities of Danville, Alamo, and San Ramon we are seeing many home owners who may be in distress just simply stop making mortgage payments. One thing is for certain Inventory levels for single family detached homes is very low. I personally feel that homeowners should really consider all option prior to just walking away. These option include performing a “Deed in Lieu” or a “Short Sale“. Just walking away and basically creating an eyesore for your neighbors seems irresponsible to me.
Will walking away from a mortgage go mainstream? | Money & Company | Los Angeles Times.
