There is an increasing number of house owners in this distressed housing industry that are defiantly refusing to pay for their mortgage and in essence thumbing their noses at the financial companies holding their property loans.

The shame of foreclosure along with the unwillingness to pay what they contractually owe is no longer an encumbrance these house owners care to deal with that is surprising to the majority of St Louis mortgage customers.

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

Therefore, their loose financial conduct and reckless 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 is due to the fact that these disillusioned borrowers feel that the banks or lenders are totally accountable for what has happened within the housing industry. Therefore, they feel no moral responsibility to nor feel accountable to finish paying back their loans.

Now, this is not to state that there were not thousands and thousands of property owners who were lied to or cheated during the St Louis finance and lending process not to mention those who lost their jobs through no fault of their own.

But in all fairness, just like a number of Americans that purchased houses during the last five years committed absolutely nothing less than fraud on their 'stated income' lending applications or greedily bought too much house on their small budget knowing full well they should never have invested in so costly house.

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 hard.

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

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

Yet another problem that economists are noticing is the incapability and even the outright refusal of lenders wanting to deal with a great number of national and St Louis home loans which are in default.

However it now is sensible as to the thinking of a debtor. Why pay their mortgage if the average consumer was late on their house payment for 438 days before being evicted as per LPS Applied Analytics.

The St Louis Refinancing Group news team and various real estate experts report that the number of those persons who are overextended and consider living 'rent free' as it were growing at an incredible rate.

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

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

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