There was a time when Americans understood and accepted that life has challenges — sometimes very difficult and serious challenges — but challenges that must be faced. Somewhere along the line, being personally responsible for one’s problems — and debts — has evaporated. This story discusses the trend of people simply walking away from their mortgages because they’ve decided they don’t like paying for a home whose value has declined. Here’s what realtor Sharon Collins had to say about how it works.
Collins said that of the four foreclosed homes she’s accepted for marketing in the past two weeks, three were owner vacated, with some opting to leave their personal property behind.
She said she’s seen examples of homeowners who, knowing they couldn’t stave off foreclosure, managed to secure a mortgage for a smaller home and payment while their credit was still good before walking away.
In other words, they had the resources to get a second home and then simply dumped the first home on the lender. That, of course, translates into higher costs for those who actually pay their bills. I think it’s time for those of us who believe in free markets and limited government to focus more attention on the other key component of a prosperous and just society: personal responsibility.
