Upside-down homeowners should forgo pride
when their own economics is at stake... The Banks will get along...and forclosure for a new buyer is a nightmare. Bankers are not creative, they just assume something will come along and bail them out. The banks are better off having the nonpaying owners to remain in the home - let the mortgage payments and taxes pile up - BUT pay the insurance for sure!
The Taxing authorities usually hold the taxes in arrears for more than 2 years and then plan an auction almost a year later... the tax auction is serious for both the non-paying owners and the bank. It is usually when someone "blinks" and begins to act.
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