The already upside down real estate market is once again being rocked by its newest problem. That would be hundreds of thousands of consumers who are refusing to pay their home loan and defiantly doing so with no regards to the companies holding their note.

With foreclosures being at an all time high, it is inexcusable to hear that thousands of irresponsible property owners feel no shame by not fulfilling their financial housing contract. Many St Louis mortgage consumers feel justified in no longer honoring this agreement.

In fact, they are diverting their cash flow from their housing cost to more frivolous expenditures such as credit card debt, entertainment and other debts less important and costly.

Hence, their loose financial conduct and irresponsible spending can now be fed at the expense of their lender. In reality, it has become a diabolical game of ‘catch me if you can cause until then I ain’t leaving.’

The question of moral responsibility seems to be overshadowed by the concept that these ones feel the banks and lending companies created their own crisis with bad advice and ‘wrongful loans’ thus releasing the poor, ignorant consumer from all accountability.

Now, this is not to say that there were not hundreds of thousands of homeowners who were lied to or taken advantage of during the St Louis finance and lending process not to mention those who lost their work through no fault of their own.

As a result of this mortgage mayhem, the federal government is already looking into the fraud connected with these approved loans not only from the lenders standpoint, but from the borrowers corner as well. Thousands of individuals blatantly lied on their applications and knew they couldn’t afford the house being purchased.

With about 1.81 million homes being processed for foreclosure procedures and new filings being recorded everyday, this dire financial trend shows no sign of slowing anytime soon.

There are also such legal challenges such as foreclosure moratoriums that will need to be faced by both borrower and mortgage servicers.

But even with Congress taking strong measures on this ever growing problem, their bailouts including loan modifications and then turning these trial ones into permanent loans doesn’t seem to be the needed solution.

Another quandary that economists are noticing is the incapability and even the outright refusal of lenders wanting to deal with so many national and St Louis home loans that are in default.

So, now we understand the thinking of a borrower when they purposely refuse to pay their mortgage. It can take on the average up to 438 days of delinquency before they are finally evicted which proves no urgency involved.

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.

And if that wasn’t bad enough, new reports are showing that over 650,000 homeowners have not made a single mortgage payment in over 547 days. Folks, that is approximately 18 months.

Is there a solution to this pervasive problem? There could be. There is proposed legislation being talked about on Capitol Hill that would ultimately prevent these negligible homeowners from being able to use government sponsored funding for future mortgage loans. We will see.

Learn more about a St Louis home loan. Stop by Floyd J. Tapia’s site where you can find out all about a St Louis mortgage and what it can do for you.