I talked about the newest wrinkle in the mortgage mess, the Strategic Default, on my website: http://www.coastalfloridarealestate.net/.
So, here's the latest. Credit score company Experian and consultants Oliver Wyman reported 588,000 borrowers voluntarily gave up on their mortgage payments in 2008, twice as many as the previous year, USA Today reported.
CitiMortgage, part of Citigroup, said 20 percent of their defaults are the result of homeowners strategically giving up on their loans.“It’s a very large number and it’s a very, very significant risk to the housing recovery,” said Sanjiv Das, chief executive officer of CitiMortgage.
So as I mention every time with a post like this, "Mr. & Mrs. Seller are you taking this into consideration?"
See my other posts on: Are you a baseball or football coach?
It was Jim Morrison who said, "No time to wallow in the mire..." If you're too young to know who JM was...Google him.
REMEMBER: Hope is not an effective selling strategy!!