Are you having trouble making your mortgage? You are not alone! Eight percent of mortgages under $1 million are delinquent and almost 15% of mortgages in excess of a million dollars are seriously delinquent! The next wave of foreclosures could well be the over $1million homes! Not because they cannot pay, but because it is ... [Read More]
Are you having trouble making your mortgage? You are not alone! Eight percent of mortgages under $1 million are delinquent and almost 15% of mortgages in excess of a million dollars are seriously delinquent! The next wave of foreclosures could well be the over $1million homes! Not because they cannot pay, but because it is now a bad investment. It is called strategic default, and the numbers of participants is growing. . The delinquency rate on investment homes where the original mortgage was more than $1 million is now 23%, and 10% for less-expensive investment properties. Here is a link to the complete article by the New York Times. It may be smart to drop a bad investment, but is it ethical to trash a neighborhood?
