Rich and Successful Engage in Strategic Defaults and Walk Away from Million Dollar Properties
According to Brent T. White, law professor at University of Arizona, the rich and successful often decide to walk away from houses when they are “underwater”. If you owe more than your house is worth you are “underwater”.
Professor White, who studies strategic defaults, indicated that the “rich and successful… maybe be less susceptible to shame and fear mongering used by the government and the mortgage banking industry to keep underwater home owners from acting in their financial best interest.”
However, walking away in a strategic default can still leave you to be exposed and being sued by a lender or frozen out of future loans. For more information about your options, including bankruptcy, contact Sunshine State Bankruptcy Law Firm.