Should You Consider a 'Strategic Default' on Your Mortgage?


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, Reecon Advisors released a national survey indicating that nearly one out of 10 homeowners, 9.2% or 7.4 million, would likely choose to default if they were in that situation. And today, we're seeing more and more evidence that some people are beginning to do just that. They're choosing to "strategically default" on their mortgages.