A recent survey conducted by FindLaw.com a legal information website found that 60% of Americans believe that it is “never OK” for homeowners to simply stop making payments on their mortgages. 34% say it’s OK for homeowners to walk away from mortgages, but only if they aren’t able to make the monthly payments. Only 3% believe that homeowners should be able to walk away from their mortgage anytime they want.
Before making any major decisions, homeowners should consult with financial and legal professionals, including accountants, real estate attorneys and financial advisors. Any major change to a mortgage situation could lead to serious and unanticipated consequences involving taxes, contract law, credit scores, ability to borrow in the future, potential for lawsuits and much more.
- Is Walking Away From Your Mortgage OK? (creditloan.com)
- How Will a Strategic Default Impact My Credit Score? (askthemoneycoach.com)