With tumbling property values leaving nearly a quarter of borrowersowing more on their mortgage than the home is worth, some may find it
tempting to walk away even if they are financially able to keep making
payments – either to get out from under the debt completely or to force
the servicer’s hand for a modification.
Thisidea of “strategic default” has become a universal concern within the
industry, but one New Jersey company says it has a plan to counter such … Continue
Is it going to be another fiasco, similar to loan modifications and short sales disaster, or will it work?
I personally think that principal reduction would be the best incentive to keep people in their homes and the best solution to the problem.
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