Million Dollar Homes in Foreclosure

February 2, 2011

With so many Americans dealing with true financial hardship driving them into foreclosure, it can make your blood boil to see wealthy homeowners choosing to go into “strategic default.”  In other words, they can afford to pay their mortgage, but choose not to, as a “business” decision.  It must be nice to be so rich you don’t have to worry about losing your home or ruining your credit, but it also raises some real ethical questions about what this country has become.

Does money trump everything, or do you have a moral obligation to pay if you can?  Click on the video about to see a report by CBS News on “Million Dollar Foreclosures” in California and the reasons they are getting away with this new “strategic default” trend.