But, the article I read this morning states that 32% of Americans justify a Strategic Default. Oh, that just breaks my heart. Now, I'm not going to lie, as a Realtor I've talked to many a homeowner about defaulting on their home. The ramifications of doing so, the pros and the cons. Most have worked through a Short-Sale, Loan Mod, or Principal Reduction instead. Most.
A poll, called the Zogby Poll, found that so many feel it's acceptable to walk away. Some feel justified in their decision because they feel the mortgage market has been full of deceit for many years. Lending to people that didn't understand what they were borrowing. Many were less than concerned about the aftermath on their credit scores and felt it was A.O.K. to have a low FICO score.
But, gee, go figure on this final note in the article from the Poll : "In addition to those findings, 17 percent said they would exaggerate personal information to obtain credit"
It would be great if when filling out their next loan application,
we could watch their nose to see if they were lying or not.