“Millions of Americans would be better off financially if they did walk away”
(Source: Associated Press)
Stop paying your mortgage.
At least that’s the message from a University of Arizona law professor. Brent White’s new paper argues just this tactic, and it is hitting a nerve as the nation’s housing crisis enters its fourth year.
White is hardly first to talk about the idea of walking away from a mortgage that is bigger than the value of a home. Nonetheless, his suggestions have gone viral and are popping up online, in newspapers and on television.
It’s a move that can save some people money, but at the expense of wrecking their credit.
Read Rachel Beck’s full article “ALL BUSINESS: Help needed for underwater mortgages” in the Associated Press (December 4, 2009).