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'Force me out if you can': Homeowners vs. banks - The Week
A growing number of homeowners — particularly those whose properties have plunged in value in recent years — are voluntarily ceasing payments on their mortgages and telling banks, "Force me out if you can," reports The New York Times. These loud-and-proud defaulters are using the money to stabilize their finances and even treat themselves to a few luxuries. Are these freeloaders taking advantage of overwhelmed banks, or did the banks deserve it for "snookering homeowners with loans that got them in over their heads"?
A growing number of homeowners — particularly those whose properties have plunged in value in recent years — are voluntarily ceasing payments on their mortgages and telling banks, "Force me out if you can," reports The New York Times. These loud-and-proud defaulters are using the money to stabilize their finances and even treat themselves to a few luxuries. Are these freeloaders taking advantage of overwhelmed banks, or did the banks deserve it for "snookering homeowners with loans that got them in over their heads"?