St Louis Finance Companies Distressed By Home Owners Purposely Not Paying Their Loans

There is a growing number of property owners in this distressed housing market who are defiantly refusing to pay their mortgage and in essence thumbing their noses at the financial companies holding their home loans.

The shame of foreclosure along with the unwillingness to pay what they contractually owe is no longer a burden these homeowners care to bear which is shocking to most St Louis mortgage consumers.

There are thousands who by not making their house payment are using these misappropriated funds to make luxurious purchases or by paying down new credit card debts due to their spend thrift nature.

Thus, the money used gets them out of these secondary debts allowing them to get by or enjoy life’s comforts. It has now become a cat and mouse game with the attitude of ‘force me out if you can.’

It seems the problem stems from the fact that these disillusioned borrowers feel that the banks or lenders are totally at fault for what has happened in the housing industry. Thus, they feel no moral responsibility to nor feel accountable to finish paying their loans.

On the other hand, the previous list of borrowers do not include those who were given misleading financial information or bad advice during the St Louis finance and lending process. And we are not talking about those who lost their jobs due to this fiscal fiasco.

The sad part is the greed that was perpetrated not just from the lenders involved but the consumer who also took advantage of the easy lending criteria to the point of committing out right fraud on their lending applications. These ones knew all the long they couldn’t afford the home they were trying to buy.

Recent reports shows that official foreclosure procedures have been initiated against almost 1.8 million households. And the ability to slow these serious lending problems seems next to impossible.

There are numerous legal challenges that are facing both the consumer and mortgage servicers including foreclosure moratoriums.

This doesn’t even account for the growing amount of pressure being handed out on Capitol Hill to not only offer more loan modifications but in turn graduate these trial solutions into permanent new loans.

The other quandary seems to lie with the inability or refusal of the lenders to deal with so many St Louis home loans that are heading to or already in default.

But it now makes sense as to the thinking of a borrower. Why pay their mortgage loan when the average consumer was late on their house payment for 438 days before being evicted according to LPS Applied Analytics.

Thus, when you see these ones not paying their responsible housing debts, they are in reality living ‘rent free’ off society. And the somber news is the St Louis Refinancing Group news team has been reporting this group is growing faster and faster each day.

The question now becomes, “how would you like to live rent free for 18 months?” We ask that because more than 650,000 consumers have not made any type of mortgage payment in over 547 days or more thus staying ‘rent free.’

With political and consumer anger over the problem of homeowners who can pay their home loan but refuse to do so may be coming to an eventual end. There is legislation being proposed in Washington that would stop these freeloaders from using government sponsored funds when purchasing a future home.

Looking to find the best deal on a St Louis finance loan, then visit www.StLouisRefinancingGroup.com to find the best advice on a St Louis home loan for you.