Legal News

The Deadbeat Rich

By Glen Ashman

Report: Rich become big mortgage defaulters

AJC
The rich have stopped paying the mortgage at a rate that far exceeds the rest of the population, the New York Times is reporting.  More than one in seven homeowners with loans in excess of a million dollars are seriously delinquent, according to data compiled for The New York Times by the real estate firm CoreLogic. By contrast, the Times says, homeowners with less expensive housing are much more likely to keep paying. About one in 12 mortgages below the million-dollar mark is delinquent. Though it is hard to prove, the CoreLogic data suggest that many of the well-to-do are purposely dumping their financially draining properties ? just as they would any sour investment 

Full post as published by It's (Barely) Legal on July 09, 2010 (boomark / email).