There is a growing number of home owners in this distressed housing market that are defiantly refusing to pay for their mortgage and in essence thumbing their noses at the financial companies holding their home loans.

The shame of foreclosure and also the unwillingness to pay what they contractually owe is no more an encumbrance these home owners care to bear which is surprising to the majority of St Louis mortgage consumers.

There are thousands who by not making their house payment are making use of these misappropriated funds to make expensive purchases or by paying down new bank card debts due to their spend thrift nature.

Hence, their loose financial conduct and irresponsible spending can now be fed at the expense of their banker. In fact, it has become a diabolical game of 'catch me if possible because until then I ain't leaving.'

It seems the problem stems from the fact that these disillusioned borrowers think that the banks or lenders are entirely accountable for what has happened within the housing industry. Thus, they feel no moral responsibility to nor feel accountable to finish paying their loans.

Now, this is not to say that there were not thousands of property owners who were lied to or taken advantage of during the St Louis finance and lending process not to forget people who lost their jobs through no fault of their own.

However in all fairness, just like many Americans who bought properties during the last five years committed nothing less than fraud on their 'stated income' lending applications or greedily purchased too much house on their small budget knowing full well they must never have invested in such a expensive home.

Recent data signifies that official foreclosure procedures have been initiated against almost 2000000 households. And to be able to slow these serious lending problems seems next to impossible.

One other problem that borrowers and mortgage servicers will be facing are legal obstacles such as foreclosure moratoriums.

This doesn't even account for the rising amount of pressure being handed out on Capitol Hill to not only provide more loan modifications but in turn graduate these trial solutions into permanent new loans.

Yet another dilemma that economists are observing is the incapability as well as the outright refusal of lenders wanting to manage a great number of national and St Louis home loans that are in default.

But it now makes sense as to the thinking of a buyer. Why pay their mortgage if the average consumer was late on their house payment for 438 days before being evicted according to LPS Applied Analytics.

The St Louis Refinancing Group news team and numerous real estate experts state that the number of those persons who are overextended and plan on living 'rent free' as it were growing at a phenomenal rate.

And if that wasn't bad enough, new reports are showing that over 650000 homeowners have not made a single loan repayment in over 547 days. Folks, that is approximately 18 months.

With political and consumer anger over the problem of house owners who can pay their house loan but refuse to do so might be coming to an eventual end. There is legislation being proposed in Washington that would keep these freeloaders from using government sponsored funds when buying a future house.

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