Comments on: The Art of Strategic Mortgage Defaults: The Coming Wave of Foreclosures in California. 588,000 People Nationwide Stop Paying Their Mortgage Even Though they had Funds to Pay.

By: charlie_magugi

charlie_magugi — Wed, 03 Feb 2010 07:00:20 +0000

hey if you are mad at bankers and the “fat cats”, this is the perfect way to shaft them back! The Govt cant do $hit to them, they need them. But we can. Walk away from your mortgage and rent. Let the banks and wall street sweat their quaterly reports and layoffs.

By: Laura

Laura — Wed, 27 Jan 2010 16:58:42 +0000

How do you feel a strategic default will truly effect a homeowner’s ability to repurchase…..given the enormous amount of defaulters?
We are $200,000 upside down……..IndyMac (One West Bank) is a joke, and are just as shady as ever (as seen throughout web posts about their practices). Not sure what to do, how much of a hit on our taxes, credit, etc. On top of it all, our house has hit that mark when it’s time to recarpet, paint, etc. Many homeowners refinanced in 2005 to do remodeling projects, seeing the real estate gains. Those projects are now 5 years old and in need of possible updating again. So here we go…. a bunch of homes in need of updates, going into foreclosure, because owners would rather leave the house than flush another dime down the leaking toilets!

By: Home Loans

Home Loans — Thu, 29 Oct 2009 17:10:39 +0000

Homeowners may not be aware of potential capital gains taxes according to what is called the mortgage over basis, which can count mortgage debt over cost basis as a gain, and might not be covered by an exemption.

By: john

john — Wed, 23 Sep 2009 06:56:55 +0000

very interesting article. how do you believe this will effect states like California and Florida?