ITS A VERY CRUEL ECONOMY RIGHT NOW
There’s a rumbling in Las Vegas and it’s growing louder every day. It’s an uprising of distressed homeowners who feel betrayed by their government and frustrated by the financial system states an article in the Las Vegas Review Journal.
People are walking away from their mortgages by the thousands, making a financial decision that it’s better to take the hit on their credit score than try to recover $300,000 of negative equity on a $600,000 home purchased at the peak of the housing bubble. They’re called “strategic defaults”.