Wednesday, February 10, 2010

Underwater mortgage? Just walk away.

If you're hopelessly underwater/upside-down on your mortgage, just send the keys to the bank and walk away. It's their house, they own it, let them deal with it!

Save your money and rent instead. Yeah, your credit rating will suck for 7 years, but is that really worse than paying more for your home than it's worth?


Home Underwater? Walk Away from Geithner's Perverse 'Homeowner Relief' Plan

The plan to supposedly aid homeowners drowning in debt adopted by Obama and Treasury Secretary Timothy Geithner is just a money trough for the banks.

By Zach Carter
February 10, 2010 AlterNet

URL: http://www.alternet.org/economy/145551/home_underwater_walk_away_from_geithner%27s_perverse_%27homeowner_relief%27_plan

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