The world is currently in the midst of unprecedented economic turmoil. Often termed The Great Recession, the economic downturn of the last couple of years has placed people in uncomfortable circumstances. Many people have found themselves owning homes that they can not afford. And those that can afford their monthly payment are more than likely saddled with a property that is now worth less than the value of the mortgage loan.
Recently 60 Minutes featured a story ( Mortgages : Walking Away – 60 Minutes – CBS News ) that focused on homeowners that are walking away from their homes and mortgages. Homeowners that purchased homes in the height of the booming real estate market are now finding that the price they paid for the home was an inflated figure fueled by a speculative housing market. They are now making monthly payments for property which is not worth the value of the loan. What is a homeowner to do in this situation?
What does the Bible say about walking away from your mortgage? The Christian personal finance blog http://www.christianpf.com has done some research on this:
What does the bible say?
I found two scriptures that provide some light on it…
READ THE FULL ARTICLE AT http://www.christianpf.com/walk-away-from-mortgage/
A mortgage loan is basically an agreement or contract between you (the homeowner) and the bank. The Bible is quite clear when it comes to honoring a contract. God does not specify that a contract is only to be upheld when the terms are favorable. Agreements are to be upheld regardless of changes in the circumstances of a participating party. Christians are charged to trust God in the times of plenty and the times of lack. Faith is supposed to be the cornerstone of our earthly existence.