Sunday, May 9, 2010
Strategic Foreclosures - 60 Minutes Report
A 60 Minutes report that aired on May 9, 2010 outlinging Strategic foreclosures.
Some of the facts that jumped out at me: 7 Million people are currently late on their mortgage, and 1 Million have ALREADY strategically foreclosed.
See story here.
Weitz: I've been concerned about this from the beginning of the credit crisis. Knowing the foreclosure laws that are in place in states like Arizona, California, and yes...Washington....many people will find it economically advantageous to simply walk away from their homes. That will, of course, make a bad problem worse, but its not illegal for homeowners to do just that. Thus, I except we are just in the infancy of this phenomenom (assuming real estate does not drastically improve).
Someday, State Legislatures may change this law to protect the banks, but that will likely just push people into bankruptcy to wipe away the debt and start over.
For more information on Foreclosure law in Washington, consider calling a Seattle Foreclosure Attorney.
Weitz Law Firm, PLLC
5400 Carillon Point
Kirkland, WA 98033