Attn. Homeowners: The Truth on 'Strategic Defaults'

Ad Feedback

In these tough economic times, many homeowners find themselves owing more on their houses than they are worth.

As a result, many are considering simply walking away from their mortgages - also known as "strategic defaults."

Such a move, long considered popular on Wall Street, carries a certain stigma for those on Main Street as was recently articulated by former Treasury Secretary Henry M. Paulson.

"Any homeowner who can afford his mortgage payment, but chooses to walk away from an underwater property is simply a speculator - and one who is not honoring his obligation," Paulson said.

So are strategic defaults an acceptable alternative for those who can no longer afford their homes? Real estate expert Kendra Todd, host of Home and Garden Television's "My House is Worth What?," appeared on CBN News' Midday program to answer that question.

Click play to watch the interview.

Log in or create an account to post a comment.  

CBN IS HERE FOR YOU!

Are you seeking answers in life? Are you hurting? Are you facing a difficult situation?

Find peace with God, discover more about God or send us your prayer request.

Call The 700 Club Prayer Center at 1 (800) 823-6053, 24 hours a day.

A caring friend will be there to pray with you in your time of need.

 CBNNews.com

CBNNews.com

CBN News is a national/international, nonprofit news organization that provides programming by cable, satellite, and the Internet, 24-hours a day. Follow us on Facebook, Twitter, and Google+.