Here, in a letter from a Sacramento-area homeowner trying to work out something, anything with his bank - so far not getting much help, he says - is a look from street level at the common phenomenon called "walking away."
Writer says: "I am amazed at how freely folks I work with and am acquainted with discuss how they plan to skip mortgage payments, extend the foreclosure process by filing bankruptcy and any other number of convoluted schemes to attempt to free themselves from the burden of a crushing mortgage on a home worth far less than is owed.
I understand the frustration that they are feeling yet can't help but think that the way they and the banks are handling things will lead to larger fiscal problems in the future. It seems that the banks, empowered by the government, are rewarding poor consumer behavior and punishing those of us that are looking for real solutions that make fiscal sense to the consumer as well as the financial institutions."
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