This was posted here by mistake, it was meant to go to my Real Estate Blog, "South Jersey Real Estate". However it IS a valuable read, so I'm leaving it here for now. Go to the Real Estate Blog for (Click here) instructions to read the white paper source, and additional information (video) regarding real estate 'short sales' and foreclosures.
Blog:
http://budcrane.blogspot.com/2010/02/mortgage-defaults-should-borrowers-walk.html
Article:
Mortgage Defaults: Should Borrowers Walk Away From Underwater Home Mortgages? - ABC News
Don't forget to read the white paper (there is a link in the ABC article), and the footnotes by Associate Professor of Law, Brent White from University of Arizona
Finally, see the video regarding the failed Indy Mac Bank, and short sales and foreclosures. This can be found on the Real Estate Blog.
http://www.thinkbigworksmall.com/mypage/player/tbws/23088/728007
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