NVAR: Nearly Half of Homeowners OK With Strategic Default

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A new Nevada Association of Realtors (NVAR) report states that homeowners believe the government has inadequately addressed the foreclosure crisis and nearly half are OK with a strategic mortgage default. About 45% of Nevadans surveyed said “there is nothing wrong” with “strategic default” while an equal number disagreed, believing there is still a legal and ethical obligation to pay their mortgage. About 27% of Nevadans who lost their home to foreclosure “walked away” or 4% more than in 2011. Of those who walked away, 40% were advised by a lender to stop paying their mortgage in order to qualify for assistance. Yet, only 10% said foreclosure prevention programs have helped. For the full report, CLICK HERE.