Tuesday, May 11, 2010

Newsweek: Strategic Defaults On The Rise

By not making mortgage payments on "underwater" homes, borrowers may be paradoxically helping to boost the economy.


1 comment:

Anonymous said...

This article described my exact strategy. I have investment homes underwater by 100K--two. I have used the rental income to pay off credit cards and an equity line on my primary home; and, armed with SCRA protections I am trying to bully the banks to modify the loans. Otherwise, I will short sale. But, the extra cash has allowed to me to pay down debt and spend when I otherwise would not have been able to.

Just think--I came up with this idea without Obama and Gietner guiding me....how did I ever manage!?