There is a growing number of house owners in this distressed housing market who 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 with the unwillingness to repay what they contractually owe is no more an encumbrance these house 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 to make luxurious purchases or by paying down new bank card debts due to 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 you're able to 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 creditors are totally accountable for what has happened within the housing industry. Therefore, they feel no moral responsibility to nor feel accountable to finish paying their loans.

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

However in all fairness, just as a number of Americans who purchased properties 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 should never have bought so costly house.

Recent data show that official foreclosure procedures have been initiated against almost 2000000 households. And the ability to slow these serious lending problems seems hard.

One other issue that borrowers and mortgage servicers will be facing are legal obstacles like 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.

Another dilemma that economists are noticing is the incapability as well as the outright refusal of lenders wanting to deal with numerous national and St Louis home loans which are in default.

However it now is sensible as to the thinking of a buyer. Why pay their mortgage when 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 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 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 using government sponsored funds when purchasing a future house.