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I'm aware of that. I've even advised a few of my clients to let their houses go. It happens. I was simply pointing out that while we hear many stories about people getting greedy and buying too much house or mortgaging 100%, there are also many people that were responsible in their purchase but now are underwater through no fault of their own.
If a person has to move because of job or family and their house value has dropped 25% or more, what choice do they have but to let it go? Likewise, if a person can't afford the payments anymore but owe too much to sell, what choice do they have other than to hand over the keys? not much
Chalk it up to lessons learned and start over. Such is life.
The people in your scenario that can't "move in with mom" are in a situation where moving is their ONLY choice. They let the home go in a short sale or foreclosure and move into a rental or in with family.
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Getting knocked down is no sin, it's not getting back up that's the sin
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