Thursday, February 10, 2011

Should You Walk Away From Your Underwater Mortgage? These People Did

According to Zillow, 27% of all homeowners are "underwater"--they owe more than the house is worth.  Those with $1 Million+ mortgages are more likely to default.   

Homeownership in the US has now fallen to its lowest level since 1998 More folks are choosing to rent rather than to buy.  And the housing problem isn't going to turn around any time soon.

The Huffington Post set out to find out what happens to mortgage holders considering strategic default.  They followed 48 people for a year, and provide the results in "Learning to Walk: Fear, Shame, and Your Underwater Mortgage."

Dylan Ratigan, an MSNBC host who is a highly vocal bankster critic and consumer advocate, got in on the story, interviewing one of the subjects from the article.

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