CBS 4 News

MIAMI (CBS4) ― This week Miami-Dade county will break another foreclosure record; more foreclosures this year than any year in the county's history. Experts say the numbers are not slowing down because in addition to the exotic mortgages that brought on this epidemic, the unemployed are falling behind. There has also been a swing in South Florida's perspective.

You could call it a new epidemic for our economy. Some homeowners have become fed up and are giving in voluntarily to foreclosure.

"The moral stigma with foreclosure is gone," attorney Roy Oppenheim told CBS4.

Oppenheim estimates a third of his foreclosure cases are now homeowners that can afford to pay but are choosing not to. He calls it liberation.

"Liberate them from the idea the bank is going to control them for the rest of their life. That they think they are tied to these credit scores that are somehow are important to them." Oppenheim said.

Gone are the days of a moral obligation to pay back debt. After watching bailout after bailout, homeowners like Neil Reisner are choosing what is called strategic default.  

"Strategy is often a word used with war. And this is kind of a battle and there is strategic thinking that has to go into it," said Reisner.

Reisner is not happy about possibly moving out of his home, but he believes at this point in his life owing twice what his house is worth it is the prudent thing to do.

"We could rent a house right now. A very nice house in our same neighborhood, a very nice neighborhood, Hollywood Hills, for half of what we are paying on our mortgage. That makes sense. Sometimes I think why am I not doing that already," said Reiser.

At first Oppenheim said that he thought this was fad but not anymore.

"We've now come to realize, and other people have advised us, that we better get used to this. Because this is now the new normal," Oppenheim said.

People now giving up the American Dream to get out of the American nightmare.

"I didn't expect to be in this position as I approach 60. I'm angry with myself, I feel very frustrated about that, but ultimately it's just a decision," Resiner said.

From start to finish Oppenheim estimates it can take anywhere from 24 to 36 months for these cases to come to an end.  Reiser said the the relief is instant; a new life starts today.

Of course, you cannot walk away from your home without consequences. Your credit score will drop hundreds of points and it will take at least four years to get another mortgage, likely at a higher interest rate.

For more on tonight's story go to David Sutta's blog.

http://cbs4.com/consumer/Foreclosures.Loses.Stigma.2.1307190.html