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Excellent article. Remember EVERYTHING about this company is going to be much worse in 2008. NPAs are increasing exponentially, resets are soaring, and California has a rule against deficiency judgments, making "walking away" from a house with an underwater mortgage a much less painful process than, say, Florida.
Mar 28 14:58 pm
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All Comments by BetterInvestor »Will Downey Financial Go To Zero? [View article]
The perfect time to walk away is right before the reset. If you are living in a house you bought for $700K that is now worth $500K, your 1500 a month mortgage payment is a better deal than renting. But when it resets to $3500 ($42,000 per year!) default is going to be the most common result.