Monday, June 21, 2010

PBSNews Hour on Strategic Defaulters - Homeowners Who Have Stopped Paying Their Mortgages Even Though They Can Still Afford Them

PBS has news story on home owners who have decided to strategically default. This story, similar to other stories by news outlets, continues to document the growing trend of strategic default. The first homeowner in this video story admits to not making any payments for the past 2 and 1/2 years. He admits to his ability to afford the payments. However, since the lender refused to negotiate a loan restructure or modification, he refused to make payments on a house purchased for $210,000 with a $190,000 mortgage and now only worth $45,000. 

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