Awesome story from Bloomberg about how, well, awesome it is to walk a way from your underwater home.
It tells the story of Ralph Ronzio of Orange County, CA, who bought a condo, and then a house (when he and his fiancee had kids), tried renting out the condo, but then couldn’t cover the cost of the two mortgages.
So what did he do?
The more he thought about the money he was losing, the more it stressed him out. Finally, Ronzio enlisted the help of a firm called You Walk Away and did exactly that from the remaining $319,000 on his condo mortgage. When the bank foreclosed, he says he felt a sense of relief. He also had more cash. He and his fiancée took the kids to Disneyland. Ronzio, 31, gave himself a treat as well.
“I bought myself an iPad,” he says.
Ok, take 5 seconds and jeer at the guy for being a walkaway, and then splurging on himself.
And then after you do that, consider what a drag the housing market remains on the economy, and how good it will be when (eventually) all this is over.
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