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Walking away from your mortgage has become a trend as more homeowners find themselves underwater -- that is, their home is worth less than their mortgage. But as Ann Brenoff explains, at our ...
"More banks walking away from homes, adding to housing crisis". The Chicago Tribune. Mortgage Foreclosures: Additional Mortgage Servicer Actions Could Help Reduce the Frequency and Impact of Abandoned Foreclosures, vol. GAO-11-93, Washington, D.C.: United States Government Accountability Office, November 15, 2010
A strategic default is the decision by a borrower to stop making payments (i.e., to default) on a debt, despite having the financial ability to make the payments.. This is particularly associated with residential and commercial mortgages, in which case it usually occurs after a substantial drop in the house's price such that the debt owed is (considerably) greater than the value of the ...
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The house serves as collateral guaranteeing the loan, but you don't just get to walk away from your contractual obligations if something happens to the collateral. After all, you still borrowed ...
YouWalkAway.com, also known as You Walk Away, was a company that helped homeowners facing foreclosure through strategic default. YouWalkAway was based in San Diego , California. [ 1 ] [ 2 ] [ 3 ]
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related to: walking away from house mortgage policy requirements in missouri