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

The shame of foreclosure and also the unwillingness to repay what they contractually owe is no more a burden these home owners care to bear that is shocking to the majority of St Louis mortgage customers.

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

Thus, their loose financial conduct and irresponsible spending can now be fed at the expense of their banker. In reality, it has become a diabolical game of 'catch me if you can 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 totally accountable for what has happened within the housing industry. Thus, 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 hundreds of thousands of house owners who were lied to or taken advantage of during the St Louis finance and lending process not to mention those who lost their jobs through no fault of their own.

However in all fairness, just like a number of Americans who purchased homes in 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 show 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.

Another problem that borrowers and mortgage servicers will be facing are legal obstacles like foreclosure moratoriums.

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

Yet another dilemma that economists are noticing is the incapability and also the outright refusal of lenders wanting to manage numerous national and St Louis home loans which are in default.

However it now is practical as to the thinking of a borrower. Why pay their mortgage when the average consumer was late on their house payment for 438 days before being evicted as outlined by LPS Applied Analytics.

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

And if that wasn't bad enough, new reports are showing that around 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 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 using government sponsored funds when purchasing a future home.