I just read an article this morning that I think should be read by anyone who is having trouble with paying their mortgage or concerned that they might soon have trouble. It was written by Mark Gimein of “The Big Money” and you can read it here.

If you don’t have time to read the article know this: Yes, you should always try to live up to your obligations and fiduciary responsibilities. But if you can’t, there is no shame in it; live, learn and be smarter the next time.

“A solid two years into the housing bust, the national foreclosure wave doesn’t show the least signs of abating. Banks that had called a foreclosure moratorium are now back to the business of taking back properties, and the foreclosure numbers are again at record highs. As the foreclosures rise, so too does the criticism of “walkaways” who hand the keys to their drastically devalued houses back to the bank.” Read the rest of the article.