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IPFS News Link • Housing

Strategic defaults accounted for 31 percent of foreclosures in first quarter

05-04-2010 • thetruthaboutmortgage.com/

“With more and more homeowners believing that lenders are failing to pursue those who default on their mortgages, there is a risk that a growing number of homeowners will walk away from their homes even if they can afford monthly payments.” said researcher Paola Sapienza in the report. The results also indicate that strategic default increases by 29 percent if the homeowner is able to find an alternate way to finance a new home. And if the homeowner learns they have a neighbor with negative equity that received a partial loan for forgiveness, the likelihood of strategic default rises 23 percent.

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Reported By Jack Gregson

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