Time: Does paying your mortage make you a good person or a stupid person?

[seabelle]

http://money.blogs.time.com/2010/10/11/does-paying-your-mortgage-make-you-a-good-person-or-a-stupid-person/

If your home is underwater—meaning you owe more on your mortgage than the property is now worth—simply walking away may make the most business sense. Considering the ongoing foreclosure mess, it would seem easier than ever to just stop paying the mortgage and enjoy what amounts to "free rent" until the lenders get their paperwork in order. Regardless, many homeowners continue to pay their mortgages because 1) they love their homes and don't want to ever lose them; 2) they believe the real estate market will rebound and their homes won't be underwater for long; or 3) they think that paying the mortgage is the right thing to do. But when it comes to business, is there right and wrong? And perhaps more importantly, what happens if every underwater homeowner stops paying the mortgage and milks the situation for all it is worth? Is that situation "good" for anyone? ..... more

Great, give the deadbeats more ideas.  Bad enough the short sells in my area are de-valuing the properties of the good mortgage people who pay on time and made good investment choices the old fashioned way......by qualifying for their home loans!

[ToddWB]

I didn't see the option for "too lazy to move" LOL!

[Rick]

I am probably $50,000 under, but it is cheaper to pay the mortgage than rent and I get the tax break.

[seabelle]

I am probably $50,000 under, but it is cheaper to pay the mortgage than rent and I get the tax break.

I've heard a rumor they want to take away that tax break too    And yes, rent for home like mine is about $500 more a month....and it's not waterfront!  Priceless!

[ToddWB]

OK ..here's my deal......I live on the border, I have what I call my ranchito on the edge of a small town, I got a loan from an individual 'cause I'd pay them three times what a CD does, and thet'd still be almost 1/2 the interest I initially was paying. Most people consider this place a shithole, but I like it....guess I never want for fertilizer. $50,000 grand would buy a some palces here, twice! LOL We're getting lotsa new Feds here, there's a housing boom. If you like your house, keep it,

[dutch508]

OK ..here's my deal......I live on the border, I have what I call my ranchito on the edge of a small town, I got a loan from an individual 'cause I'd pay them three times what a CD does, and thet'd still be almost 1/2 the interest I initially was paying. Most people consider this place a shithole, but I like it....guess I never want for fertilizer. $50,000 grand would buy a some palces here, twice! LOL We're getting lotsa new Feds here, there's a housing boom. If you like your house, keep it,

Vesta? Do you have a new sockpuppet?