The “Covenant of Mortgage” is already broken where I come from--the birthplace of the Foreclosure Crisis. We moved from the Midwest to the East Coast in January. In my cozy Ohio neighborhood three houses sit empty because owners walked away. Now my old house is underwater not worth what we paid for it four years ago. I admit there are times we want to walk away but we don’t think it is the right thing to do. So we pay rent here and mortgage there hoping that a first-time homebuyer or responsible renter will surface..
Now Banks and Speculators simply walk away from their obligations with impunity. Our mortgage company probably won’t budge on the principal. We qualify for interest rate relief but suspect they fail to tell you there is are significant hidden costs on the back end.
This is another case of Who you are--Big Banker-- trumping What you do--Paying Homeowner. Now Mr, Civic Journalist … unleash your Truth Squad to find solutions for your readers.. ..
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