Industry NewsMarkets & Economy

Would you walk away?

Realtor Notebook

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

I used to think that walking away from the home and not making payments was wrong. Now I am not so sure.There are so many stories out there about foreclosures and short sales. I have a front-row seat and I get to meet them in person.  There is the young man who bought a home with his fiancée in 2006 when prices in these parts peaked. The fiancée left him and walked away from the home. He tried to refinance to get her off of the mortgage but he did not qualify for a loan of that size, and the home was already worth less than they owed on it.He struggled to make his payments and he made one each month. He paid penalties when the payments were late. He found roommates. One got behind on the rent, packed up and left but stopped on the way out to steal the engagement ring his former fiancée had left.The furnace broke and he could not afford to repair it. He fixed it himself but he didn't get it right the first time. When the temperature dropped below zero the heating bill was almost a...