More On Should You Pay Your Mortgage or Walk Away
Many are mad about this and I understand why however it’s happening and for some it is a real life financial decision that someone needs to make especially for the jobless. Like I said in another one of my posts that owning a home isn’t so much an investment as it’s a need and a lifestyle.
In the article you can click on the interactive graph and view the strategic defaults by state, of course Florida, Arizona, California, and Nevada have the most. It says that “Experian and Oliver Wyman defined strategic defaulters as people who stop paying their mortgages but remain current on all their no-real-estate debts.”
I guess that’s the only way to come up with some type statistics but I wonder how many people stopped paying only their mortgage because they just can’t afford to pay the mortgage anymore. Anyway, the article has “5 Burning Questions: What to ask before you stop making mortgage payments.”
Since the bulk of my audience is in Fort Lauderdale and South Florida I thought I would include this part too. “States where lenders generally can pursue such legal claims include Florida and Nevada but not California and Arizona, where laws generally prohibit lenders from pursuing other assets of mortgage borrowers. A new Nevada law will protect many borrowers from these judgments if they bought a home for their own use after Sept. 30, 2009.”