Some friends of ours are getting ready to walk away from their mortgage. About 5 years ago, he lost his high paying sales job and at age 55, had been unable to find comparable employment.

They had been fighting with their mortgage company for several years now and couldn’t take it any more. At one time, they had worked out a payment plan with the mortgage company but the company changed its mind and demanded payments that they couldn’t afford. So, they just gave up.

They are going to sell off the possessions that they don’t need and pack up what they do need. Then, they are going to walk away from the house and let the mortgage company have it.

I doubt that the mortgage company will be able to get their money out of the place. The housing market is really down in Michigan. I suspect that this is one of those situations where the accountants prevailed over common sense. Sad.