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A bank walkaway is a decision by a mortgage lender (a bank) to not foreclose on a defaulted mortgage (when the borrower has ceased to make the payments), or to not complete foreclosure proceedings (to "walk away" from the mortgage).
If all the stories in recent months about walking away from your mortgage are to be believed, the practice of not paying this once-sacred obligation has become, if not quite acceptable, then at ...
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 ...
Do borrowers who decide to walk away from their mortgages by choice share certain characteristics? The answer appears to be yes. A leading credit bureau partnered with a management consulting firm ...
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 ...
Because in some cases, it makes good business sense to walk away from a bad investment -- just like the banks do all the time. Five Things to Do Before You Walk Away From Your Mortgage Skip to ...
An estimated 8.8 million homeowners (nearly 10.8% of the total) have zero or negative equity as of March 2008, meaning their homes are worth less than their mortgage. This provides an incentive to "walk away" from the home, despite the credit rating impact. [35]
There's nothing like a housing crisis to inspire moral ambivalence. In a recent survey conducted by the Pew Research Center, more than a third of respondents said walking away from a mortgage is ...