About one in four homeowners (25 million) hold mortgages worth more than their homes — and some are choosing to walk away.
Those who do face such financial consequences as damaged credit to the prospect of a lender suing to recover the balance. Yet for many, the question fundamentally is a moral one.
At its heart are biblical concepts of promise-keeping and neighborliness, said James Childs, theologian and ethicist at Trinity Lutheran Seminary, Columbus, Ohio, who noted that one person's default can sink another neighbor's property values.
© 2013 Augsburg Fortress, Publishers