In the New York Post, a homeowner named Janet Speer describes her decision to walk away from her mortgage.
Is she a deadbeat jerk or just an intelligent realist?
You be the judge…
I stopped paying my $1,450-a-month mortgage on my 200-year-old, four-bedroom home in September 2008 — after making the hard decision to walk away from my mortgage because it is hopelessly underwater.
It is not an easy decision to walk away from your home, and in the beginning I actually felt like a loser. That was the hardest part.
You see, I was raised to live up to my financial responsibilities. I was taught plenty about personal responsibility. But in this case I had no practical solutions to my financial dilemma — I lost my job, was turned down for a mortgage modification and owed a lot more than the house is worth.
Photo excerpt from Bradley Bower, New York Post
Business Insider Emails & Alerts
Site highlights each day to your inbox.