Walk Away Mortgages

May 11, 2010

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More and more homeowners who owe more on their mortgage than their house is worth are just walking away.  That’s right, throwing their emotional bond to their “home sweet home” to the wind and spitting in the face of the stigma that goes along with foreclosure.  Families like the one profiled in a recent “60 Minutes” report say it’s the only thing that makes financial sense.  Click here to see more.

In this report, an Arizona homeowner with an “underwater” mortgage justifies his move to “walk away” from his mortgage, even though he can afford to pay it. ” 60 Minutes” take a closer look at the emerging trend of “strategic defaults.”

You can view the entire 60 Minutes story about Walk Away Mortgages here.