It’s OK to Walk Away Law Professor Argues

Millions of homeowners in the United States are “underwater” on their mortgages, meaning that they owe more than their homes are worth. Yet, despite all the uproar over homeowners who are simply “walking away” from their homes, the vast majority of underwater homeowners continue to make their mortgage payments - even when they are hundreds of thousands of dollars underwater and have no reasonable prospect of recouping their losses. This includes underwater homeowners that live in “non-recourse states” such as California and Arizona, where lenders cannot pursue defaulting homeowners for a deficiency judgment.

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