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Now wait a second, Sr. markus. Just because someone’s house is worth less than what they owe on it doesn’t make them a deadbeat. Houses have value beyond mere market value, and plenty of families know and appreciate that. The practical value of having safe and secure shelter transcends market value as does the very concept of “home”, as opposed to just “house”.
There are plenty of families in Florida and everywhere else who are responsibly paying their mortgages each month regardless of the current market value of the property.
The deadbeats are the ones who voluntarily walk away from their obligations when they have the ability to meet them.
Explain how walking away from a mortgage makes one a deadbeat. Who has suffered a loss or damage when a private contract is terminated in this LEGAL way? The “borrower” loses the house because it is a secured “loan”.
There are only two types of victims in these kinds of mortgages; those who wisely terminate their victimization and those who continue to suffer from it. There may be legitimate reasons for staying in such a mortgage, but morality is not one of them.
Those of you who see this as irresponsible or immoral are simply ignorant as to how the monetary system works and how contract law works. You need to think this through.
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