Underwater, but Will They Leave the Pool?

[keepinitreal]

So far, lenders have been reluctant to renegotiate mortgages, and government programs to stimulate renegotiation have not gained much traction.It may not be perfect, but something like it may be necessary to head off a tsunami of strategic defaults.

http://www.nytimes.com/2010/01/24/business/economy/24view.html?hpw

[momisery]

I think people believe it will all come back, and the stigma too. BK can hurt your job chances, your family standings in the community in some peoples view point. I use to be one of those people, until I found out I can not pay if my wages continue to lose purchasing power, and the economy tanks, we suffered a one job lose for hub, and my hours were cut, then the medical debt. No one talks about the responsibility of big business and how they created this great mess. Small business owners hire most of us, and they take up the slack on taxes while the larger corporations continue to off shore and not pay us, but try to sell back to us. Where are their morals? So, I guess I gave up and decided I did not have a way out, I was not a bad person I have worked hard my whole life and maybe collect unemployment for two weeks in my whole life time. So, I am now a dirtbag and they are wholesome and good? Sorry, but I think the people on this board did everything they could do, and the banks are not working with anyone because it is okay if we lose everything but not if they lose a thing. More people should simply walk away, the banks would change their tune if that keeps happening! Right now they are leaving us in our homes to pay our HOA dues, or insurance, or upkeep... and when things look better they will then foreclose so they can get a profit without spending a dime to keep the place up. Works for me, as I do not intend to pay them a dime and if the furnace blows up.. space heaters move in. lol

[JRScott]

I agree with you momisery.

We have a lot of people suffering from immense stress due to the fact they want to pay their bills but can't. They allow this stress to make them sick physically and mentally. It increases after we suffer health problems even more. Most of us delay filing hoping that things will improve, suffering for years at times. We would be much better off treating it as a business decision, and filing that first time we know we are in trouble. It would actually save much on health care costs if we did.

We need greater protections for consumers too, these firms that call 15 times a day to collect a debt day in and day out....that needs to stop. It increases stress. Folks should not be afraid to answer their phones all the time. One call a month is sufficient to check up on the status of the person. Anything more really is harassment in my opinion. We should stop those types of collections.