Quote from peilthetraveler:
In my opinion it is not theft as long as you move out the month you decide to stop paying and dont trash the property and give the bank a deed in lieu of forclosure. After all, you bought the house for a set price, then you give the house back when you dont want it. They are getting the exact same product back. The banks wanted to screw with interest rates and do all sort of speculative things that messed with housing prices, so they should take the brunt of the damage. I mean...as a buyer, you put down at least 3%, you pay off principal every month and if you walk away and let the bank know and not try to stay in your house rent free for 6 months like some do, its not theft and actually the bank got some money back in mortgage payments
in what should have been a fair deal.
