If one were to rely solely on the headlines, you might be inclined to think that all mortgage-holders whose loans are underwater are planning on throwing in the towel, walking away from their mortgages, and allowing the property to go into foreclosure.
Admittedly, some do intentionally plan a strategic default – the term that refers to consumers who can afford to make their mortgage payment but choose not to since the value of their home has decreased. However, the National Foundation for Credit Counseling’s (NFCC) 2010 Financial Literacy Survey revealed data that supports consumers’ desires to stay in their homes.
The survey asked under what circumstances, if any, mortgage-holders would consider it justifiable to default on their home loan. Only 23 percent…
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