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Quote de onewhippedpuppy
I'd do my best to make it right, but obviously it's not a situation I could sustain. My family needs a home. It's also a rather out-there hypothetical, because there's a reason I piss away money on insurance.
I see your point, but it's also not relevant to this thread. The poster wants to walk on his house BECAUSE HE MADE A BAD INVESTMENT, not because of circumstances beyond his control. Stupidity is not a valid excuse for defaulting on a mortgage.
I agree, but I'm completely with the on this. The banks set themselves up, it was amazingly stupid. The system needs to be setup so this stuff can't happen, to rely on the honesty and altruism of man is a liberal concept not a market concept.
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So what would your answer have been circa 2007? Quit loaning money in SoCal, Phoenix, etc? Homes were selling for market value only the market was inflated. So if the buyer has the means to pay the mortgage and the home is selling at appraised (assume market) value, what is your grounds for rejection? Remember that banks are not in the business of real estate appraisal and speculation.
This hypothetical obviously doesn't apply to a subprime situation. But that's really not the topic at hand.