Wednesday, January 26, 2011
Officials say trend shows no signs of slowing
â€œThey are looking at the last 30 to 40 years of their life and feel it doesnâ€™t make sense to have that kind of debt hanging over their heads,â€ Searby said. â€œItâ€™s about their quality of life and that all they are going to pass on to their kids is debt.â€ That scenario describes one Las Vegas resident who took part in the survey. Lee, who didnâ€™t want to use her last name, said she plans to walk away from her $1,700 a month mortgage even though she can afford the payment. Lee said the value of her home that she refinanced about six years ago for $235,000 plummeted from $270,000 to $80,000 today. Since then, she has retired from her federal job and had her husband leave her.