Walk Away From Your Home. So Says Jim Cramer…
Controversial financial advisor, Jim Cramer, suggests that if your home has depreciated to the point you no longer have an equity position, that you should walk away from the home and its payments. Don’t believe me, here’s the clip!
[youtube=http://www.youtube.com/watch?v=FJYcxqjXlkc]
While this may make sense from a purely “see a home as a commodity” point of view, I feel this fails to take into account the utility and lifestyle. that a home provides to the owners. But hey, I’ve a vested interest buying and selling homes.
What are you thoughts on today’s real estate market and what Cramer is advocating?
[Hat tip to Al Acitelli for ferreting out this video]
Technorati tags: Michigan, Ann Arbor, Real Estate, Buyer Insights, Seller Insights, Homes, Condos, Foreclosure, Team366
There may be situations where this is a good option. I know of a homeowner who is behind on is payments and has large negative equity. To top it off, his kids are bringing home bullet casings they are finding on the loca streets and alleys!
I saw this video and nearly puked. Could not believe he would say this!