A recent study done by Corelogic, a real estate analytics firm, found that the rich are defaulting on their loans at rate much higher than the middle and lower class. One in seven homeowners with loans exceeding one million dollars are seriously delinquent. The survey suggests that many of the rich are opting to strategically default on their properties as if it were a bad stock investment.
Fannie Mae and Freddie Mac, who hold most of the mortgages on home in America worth less than $500,000, are asking their homeowners to explore options other than strategically defaulting on their homes. The delinquency rate of second homes and investment homes, owned at a disproportionately higher rate by the rich, has risen to a 23% rate, while the rate for less expensive investment home is 10%. A Corelogic analyst expressed that those with high net worth are less concerned with any repercussions of strategically defaulting because they have other resources to lean on it they get in trouble and may be less susceptible to scare tactics employed by lenders.
If you are in a position where you are considering strategic default it is imperative that you contact a Florida Foreclosure Lawyer to review all the foreclosure alternatives available to you.
