Foreclosures and Debt

One of the many curiosities to accompany the mortgage crisis is the growing number of struggling borrowers who have elected to simply walk away from their homes instead of launching an all-out effort to prevent foreclosure. The sharp drop in home prices—which has put millions of Americans "underwater," meaning they owe more on their mortgages than their homes are worth—is one factor behind the trend. Meanwhile, since most mortgages are packaged and sold to investors, rather than held by a local banker, it may be easier for homeowners to justify walking away and sending their house keys to the lender—so-called jingle mail. In addition, a number of companies have emerged on the Web that present foreclosure as an attractive alternative for cash-strapped borrowers. Read More Here

Borrowers, foreclosures, home_foreclosures, mortgage_loans Posted in: Foreclosure News // Add Comment »