Walking Away from a Home Mortgage
I've had several friends that were ruined after the .com bust and had to leave their home. They elected to just rent and NOT be tied to a mortgage. Credit (cards, personal loan fund) became available to them in 6 months. With rents at a virtual bargain, it is NOT a problem to find bargain apartments or houses. Investors are buying these foreclosed properties and need to rent them out ASAP. The choices to move (should the urge to do so) or relocate are too numerous and advantageous to the renter.
Renting and paying cash and/or using credit cards for purchases is actually a better option than to be tied to a mortgage/property maintenance/taxes/property insurance/etc. Then after 7+ years, if one desires to jump back in to a mortgage/property maintenance/taxes/property insurance/etc. it will be an option. Individuals can find other investment vehicles to make $$ other than their primary residence(as people have traditionally attempted) which proves to NOT work.
Look to the future as things do improve and finance is cyclical.
IMHO
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