Foreclosure Epidemic Reaching More Expensive Homes

why should he stay?

Why should Don Detrich stay? Why should he pay for a home that is worth over a $100,000 less than when he bought it 3 years ago. Does "manning up" mean that he is supposed to be financial idiot? If the shoe was on the other foot, and it was the mortgage company that made the investment and lost, they would certainly cut their losses and go into foreclosure as is their option. Oh wait, thats right, the banks and mortgage companies will just wait for the government to bail them out of their bad investments. And that means the taxpayers! Including Don Detrich. What I would like to know is why its ok to bail out the banks, but the middle class sucker gets no relief. He even gets other peoples judgement when he decides to exercise his options. The mortgage company should be forced to renegotiate the principal of this loan. The shareholders should insist on the mortgage company making a financial decision which saves them money and helps keep another home of the foreclosure list!

Constance Scalese of AZ @ Oct 20, 2009 15:08:58 PM

Didn't your mother teach you not to be a shameless leech?

The banks and mortgage lenders get a lot of the blame for the housing situation, but the Don Detrichs of the world are equally responsible for the whole mess. If Don Detrich committed to paying $390,000 for a house, then why won't he man up and fulfill his commitment (especially when it sounds like his own financial situation hasn't changed and he can still afford to pay the $390,000)?

Peter of TX @ Oct 17, 2009 19:42:26 PM

Why should they?

Why should they have to reduce your mortgage principal? You made a choice to buy a home at that price. Almost everyone's homes have lost value. Why don't people just buy what they can afford, pay it off and not worry about what it's supposedly "worth"? It's a place to live, not an investment!

Jen of IN @ Oct 17, 2009 12:10:20 PM