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A bank walkaway is a decision by a mortgage lender (a bank) to not foreclose on a defaulted mortgage (when the borrower has ceased to make the payments), or to not complete foreclosure proceedings (to "walk away" from the mortgage).
Walking away from your mortgage has become a trend as more homeowners find themselves underwater -- that is, their home is worth less than their mortgage. But as Ann Brenoff explains, at our ...
If all the stories in recent months about walking away from your mortgage are to be believed, the practice of not paying this once-sacred obligation has become, if not quite acceptable, then at ...
Walk away from your mortgage. Another option is to simply walk away from the mortgage — a move called a “strategic default” — but, like a short sale or foreclosure, doing so can be ...
A strategic default is the decision by a borrower to stop making payments (i.e., to default) on a debt, despite having the financial ability to make the payments.. This is particularly associated with residential and commercial mortgages, in which case it usually occurs after a substantial drop in the house's price such that the debt owed is (considerably) greater than the value of the ...
YouWalkAway.com, also known as You Walk Away, was a company that helped homeowners facing foreclosure through strategic default. YouWalkAway was based in San Diego, California. [1] [2] [3] Jonathan Maddux and Chad Ruyle formed YouWalkAway.com in 2007.
Do borrowers who decide to walk away from their mortgages by choice share certain characteristics? The answer appears to be yes. A leading credit bureau partnered with a management consulting firm ...
An estimated 8.8 million homeowners (nearly 10.8% of the total) have zero or negative equity as of March 2008, meaning their homes are worth less than their mortgage. This provides an incentive to "walk away" from the home, despite the credit rating impact. [35]