Growing trend,owe ton of $ on devalued house,buy new one and default on old.

[BrentCrude]

Has anyone been hearing about this trend on alot of bussiness-financial shows lately?People that are underwater on houses they bought in the peak of the housing boom that are up to date on payments and have good credit go and buy a steal of a deal on another house.They just default on the old one ruining their credit but figure that it's an absolute must do to get out of financial hell the rest of their life.

It's easy to get a government backed Fanny Mae or Freddy Mac loan yet.If those two money losing quasi government hogs were left to die on the vine,the whole housing market would collapse because of no buyers and then you would see some deals on houses.

[Joe Dogs]

Spoke with someone last week that has done this.....There house is new sitting vacant.

They were doing fine till there house was reacessed....There taxes went through the rough.

They couldn't take the financial stress

[3PtShooter]

just a game to most

[HenPrivilege]

I know people who don't pay their mortgage and have been living in the house for almost a year. The bank isn't really pressing them to get out either.

Most of the foreclosures around here are stripped to the bone. I've seen some crazy things in houses that once sold for a million.