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Strategic Defaults: When Homeowners Walk Away From Mortgages They Can Afford
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Even when a home is financially underwater (the total mortgage balance is greater than the value of the property) owners will usually make serious efforts to keep from defaulting. But only up to a point. If it gets too far underwater, people will let it go -- even if they can afford to make the payments. While there may be an intuitive sense to this, the fact is not widely recognized. Read the Full Story At: http://realtytimes.com/rtpages/20090915_defaults.htm
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