There is no doubt that the housing market is on the rise again, and this is due to many reasons, but mostly it is due to the consumers’ confidence in the buying of property. Sadly, there is one group of consumers who made the decision, strategically, to walk away from their homes to save their credit or to get out from under a huge mortgage payment. The question is, should these people who were repossessed be allowed to buy another home?
When a buyer strategically walks away from a mortgage, there should be a penalty that does not allow them to buy again within a certain time frame. Most who use the practice claim that they are looking to buy again within twelve months. When the market was at its lowest, it happened because of all of these foreclosures, strategic and those who fought tooth and nail to save their homes. It seems a bit of a shame that those who didn’t really care should have the opportunity to own a home again without any penalty.
Those who fought tooth, and nail should not face the same penalties but sadly, there is no way to legislate this so it does not really matter in the long run. The fact is that strategic repossession is considered a sound business practice no matter that the morality of it may seem wrong. There is no penalty for making a sound business call.
No matter which side of the fence you are on, there was a reason that they could no longer afford their mortgage. Whether they fought to save their home or walked away as a strategy, there should be a time limit that has to pass before another home can be purchased. This would lead to more people trying to save their homes rather than contributing to the crisis by putting another home on the market
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