Should I Stay Or Should I Go?
When the British rock band The Clash penned their only number-one single “Should I Stay Or Should I Go” in 1981 for their album Combat Rock, they never imaged the song would have serious implications for the 2009 U.S. housing market.
Today, many struggling homeowners, drowning under the strain of growing debt, are pondering the same question: Should I stay or should I go?
The lyrics reflect on the struggle of a rocky relationship and whether to stick it out or end it. Troubled homeowners are faced with this same dilemma, wondering whether:
Should I stay or should I go now?
If I go there will be trouble
And if I stay it will be double
For those who are uncertain, California attorney Peter Fredman has a solution: the “Walk Away” calculator, which can help cash-strapped homeowners calculate the cost of staying versus the cost of going (walking away). Fredman’s calculator asks a series of financial questions, like the value of the home, the balance of the mortgage and three other questions. The calculator doesn’t factor in taxes and other expenses, but it does give homeowners an idea of how deep they are in debt and whether foreclosure is their most sensible option.
While some may see his calculator as irresponsible, others might consider the Walk Away calculator as a way to help struggling homeowners wrestling about whether they should stay or go.
Clearly making a decision on the direction of the real estate market right now is tricky. But whatever homeowners decide, The Clash would certainly encourage them to:
Come on and let me know
Should I cool it or should I blow?