Rich's ex-girl is one crazy woman. As far as the foreclosure is concerned, its like I said when it happened....if your house is worth 400k and you owe 650k then it does no good to continue paying on a home.
Banks love to bait homeowners to live up to their obligations and make paying an inflated mortgage a sense of pride issue in owning up to your debts. However, talk is cheap and when the banks owned money, they got bailed out by the government with OUR MONEY. They are nothing more than hypocrites so do what's fiscally needed for your own well being.
explain me this cause am not from the USA,so when you are buying a house for yourself,lets say the house is worth 500k,you get a mortgage for 10 years paying 5% fixed interest...ok now where do you see for example that your house is now (after 2 years of paying your mortgage) worth maybe 350k due to some type of market crash?!?!?!
and you do what,in the middle of the payment decide "oooh my house is not worth it I will let it for foreclosure"?!?!
i think that is not that all the people buy the house to sell a house,you buy the house to live in it (the other story is if you want some investment) and I dont think that many people would let the house to go foreclosure so in the future they couldn't be able to buy a house regularly like RICH PIANO