Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

2 of 6
BACKNEXT
Won't walk: Rich Foretich
Won't walk: Rich Foretich
The Foretichs
My wife, Tara, and I live in Pass Christian, Miss. We began building our `dream home' in mid-2007 in one of the nicer, new subdivisions on the Coast. Halfway through construction, the house appraised for about $835,000.

In June 2008, we moved in and sought a permanent mortgage on the house. We owed $640,000 on the construction and had a loan-to-value ratio (the amount owed versus the value of the house) of 76.6% until the bank's re-appraisal came in at $575,000. This put us underwater. We owe $65,000 more than the house is worth. We seriously considered walking away from the house and letting the bank take it.

But doing this is not in my nature. I borrowed the money. I built the house. I owe the money. As long as I have the means to pay it back, I plan to do so. I believe it is sad that people see an easy way out and simply do not lie in the bed they made. I believe I am a classic case for a walk-away, but what's `right' about doing that? I could have easily walked away and contributed to the economic mess we are currently in. This would have helped my family out financially but it's not the right thing to do.

NEXT: Considering: Pat Conroy
Last updated November 24 2009: 11:47 AM ET
Email | Print | Share  |  RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
More Galleries
15 top-paid CEOs The 15 highest-paid corporate chiefs in America took home nearly $700 million last year -- about $47 million apiece on average. Expedia's Dara Khosrowshahi tops the list -- with $95 million in total pay. David Zaslav, who was no. 1 last year moves down to no. 15 this year. More
Driving Bentley's new SUV Spending an afternoon in Bentley's luxurious new $230,000 SUV. More
Best cars for the super-rich The Robb Report has selected these as the best new cars and SUVs for anyone who doesn't have to worry about how much they spend. More

Special Offer