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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 ...
If you owned a house that's now worth a lot less than what you owe on your mortgage, would you walk away from the home and default on the mortgage? If so, you'd have plenty of company. In 2009 ...
A new study sheds additional light on the issue of "strategic defaults" in America, offering further insights into homeowners who are statistically more likely to make a calculated decision to ...
Zillow estimated that mortgage rates could reach 8.4% in the “unlikely event” of a debt default. If rates do go that high, then mortgage payments on a typical home would soar 22% by September ...
When a debtor chooses to default on a loan, despite being able to service it (make payments), this is said to be a strategic default. This is most commonly done for nonrecourse loans , where the creditor cannot make other claims on the debtor; a common example is a situation of negative equity on a mortgage loan in common law jurisdictions such ...
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The association was criticized for defaulting on its mortgage despite saying that there's a moral obligation for homeowners to repay their mortgages. [10] The default was featured on The Daily Show on October 7, 2010, contrasting the MBA's actions with statements made by its representatives claiming that strategic default is morally wrong. MBA ...
FICO Labs, a unit of the Fair Isaac Corp., is implementing a new technology that will measure the likelihood of a homeowner walking away from their mortgage, even when they can afford the payments ...