Sarasota foreclosures regain momentum as mortgage debt owners foreclose on abandoned, rotting properties…many sitting abandoned for years. Watch 60 MINUTES’ Morley Safer report on alarming and growing trend among homeowners “underwater” on their homes: STRATEGIC DEFAULTS.
STRATEGIC DEFAULTS!
Such is the term describing homeowners ABLE but no longer WILLING to pay their mortgage.
Right or wrong is not the question.
The exploding trend among homeowners has become a calculated business decision about paying on a house worth 30-50% LESS than what they owe.
At one point in the interview, Morley makes a Depression-era reference, saying that during the Depression people did NOT walk away from their homes – that it was ‘wrong.’ I believe mortgage debt owners “banked” on homeowners paying their mortgage, regardless of plummeting property values. Mortgage debt owners & Wall Street investment bankers played the “morality” hand and now face homeowner backlash.
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PLEASE scroll down and tell me what you think of STRATEGIC DEFAULTS. Good, bad or ugly, I want to hear your thoughts. Whether or not you find strategic defaults reprehensible is no longer the point. What is happening goes WAY beyond anyone’s opinion – this is an exploding phenomenon.
Sarasota foreclosures lose shock factor as more homeowners, no longer fearful of bad credit, explore options for avoiding deficiency judgments.
