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32 Percent Of Americans Would Have No Problem Walking Away From Underwater Homes

•, Mandi Woodruff
 Turns out 68 million U.S. adults wouldn't mind taking the latter route, according to a new survey.

Of more than 1,000 consumers questioned by research firm JZ Analytics, 32 percent said they think people should be able to walk away from their mortgage. Thirteen percent said they would do it themselves if necessary, and 17 percent said they know someone who's done just that.

It makes sense. The foreclosure process can take as many as two years –– or longer, in areas hit hardest by the housing crisis –– leaving consumers to live mortgage-free while they wait for lenders to take back their homes.

"A large number of Americans who are underwater on their mortgages would be better off financially if they walked away from their homes," Brent White, a University of Arizona real estate expert, told Business Insider in a past interview.

2 Comments in Response to

Comment by Ed Price
Entered on:

With Bitcoin around, and artificial entities, folks are getting smarter. They will be placing all their assets other than their mortgaged properties into LLCs, and using Bitcoin to earn their income, tax free.

Comment by Ross Wolf
Entered on:

This Article Never Mention:ed:
It is amazing how many homeowners in states e.g., Nevada don’t know they have “recourse mortgages” that allow lenders deficiency-judgments to attach their income and  assets after foreclosure to recover “lender loan losses and broad foreclosure expenses.”

33% of those surveyed said they would exaggerate their finances to get credit. Mortgage Loan applicants that lie, misrepresent their finances to obtain a federally insured home mortgage can be fined by the Justice Department up $1million dollars and imprisoned up to 30-years. US government can also use any misrepresentation made verbal or written by a home mortgage applicant that obtained a federally insured home loan to Civilly Forfeit the real estate secured by obtained loan.


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