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STRATEGIC DEFAULTERS COMING FORWARD
More and more people who can afford to keep underwater homes are finally making the decision to walk away. Banks unwillingness to negotiate together with financial advisers reporting that it is near folly to continue paying on something that will never make sense has borrowers taking action
MAJORITY THINK IT IS A.... NO NO TO DO
A survey held recently polling people at random reported that over 90% dis-approved defaulting and walking away for moral and ethical reasons. However, what should be considered in the same breath is the remedy that all agreed to up front when contracting.
CONTRACT LAW GOVERNS...NOT MORAL LAW
The mortgage and its processes are governed by contract law which is specific on what will happen, why, and when. Therefore, if someone risks breach, that is one of their remedies as agreed. Bankruptcy court respects that and now the public at large may have to accept it too
THE BORROWERS WAY BACK
It can take 3-7 years to recover from a foreclosure starting from when you activate it. Until then, you are just dragging the process out. FHA will allow defaulted borrowers to re-enter the purchase market right after 3 years prompting borrowers to take action now...not ... more

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