Andres Duque thought he got a real steal when he paid $125,000 for his Little Haiti condo. But four years later, similar units are selling for $35,000 and even less.
And so, faced with the prospect of being underwater on his mortgage -- owing more than the unit is worth -- for the next 20 years, Duque, 33, made what seemed to him like a rational choice: to cut and run.
He stopped paying the mortgage, basically forcing the lender to take the condo off his hands through foreclosure.
"I was able to pay off all my credit cards," said Duque, who is biding his time in the condo, waiting until they come and evict him. "In a way, it was the best thing that happened to me because all my income is not being consumed by this freaking monster of a debt."
Duque's game plan is known as a strategic default -- when borrowers walk away from loans, even if they can afford the payments.
So this past November, did this master mind vote for the Hope and Change candidate or the four more years of Bush candidate?
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