Is opting to default on your mortgage wrong? The opinion and belief of this writers is YES, unlike Professor Brent T.White's advice from the University of Arizona.
I just read a very disturbing article in the Los Angeles Times, syndicated from the Washington Post about a Law School Professor who teaches at the University of Arizona and his disgraceful advice.
This professor's advice to the average person, who is under water in their mortgage is to' default on their mortgage'; under the guise of writing a "new academic paper" he suggests, that you should not feel guilty about defaulting on your mortgage. He does not think it is morally wrong to do that, and goes further that the estimated 15 million US homeowners, who are underwater on their mortgages, should stiff their lenders.
I am outraged at the lack of ethics, principles and morals this Law school professor has. It is bad enough that he lacks all that, what is disturbing me more, that he has a platform: The University of Arizona, which is allowing him to distribute his incendiary message to the masses under the guise of a scholarly paper.
In addition to the lack of principals, he is giving bad advice to people that have limited understanding what defaulting on a mortgage will translate to their economic report card and, that a Bankruptcy will stay with them for at least ten years. There are serious consequences to borrowers who walk away from their mortgage obligations from a contractual as well as economic aspect.
I suggest to anyone who has read the article I am referencing by Professor Brent T. White or just my summary or the Newspaper's version, should be outraged and complain vehemently to the University of Arizona about the poor advice their Professor is giving
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