What Do People Think About Walking Away From a Mortgage?

If you have already formed an opinion about whether it’s OK to ditch a mortgage or not, you’re not alone in being opinionated. Everyone has an opinion on this, from renters to homeowners and from the young to the old. In total, 25 percent of renters think it’s okay to walk away from a mortgage. Homeowners aren’t as hip to ditching, though. Among those who own homes, only 17 percent think it’s OK to stop paying.

Is It a Moral Issue?

Some homeowners believe that whether or not to pay is a moral issue. Their own ethics come into play, telling them that someone who signed a contract should see it through, regardless of how home prices have fallen. The mortgage industry loves that—they are really playing up the idea that paying is a moral obligation.

What people believe about this issue often comes down to their age and gender. To see what age groups and genders believe it’s OK to walk away, click on the graphic. Men and women aren’t as far apart on this issue as you may think. Many people of both genders believe that if your financial circumstances are dire, it may be OK to ditch that mortgage. Do you agree with your peers? Click on the graphic to see.

If you or someone you know would like a professional consultation in regards to a short sale or mortgage concerns. Please let me know. emmanuel@emmanuelfonte.com