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Why Strategic Default: Learn from the Wealthy

By Oppenheim Law on Deficiency Judgments, Foreclosure, News & Media, Real Estate & Roy Oppenheim

Interviewer: … one of the worst for the subprime lending. I mean even if we’re pushing paper out, there are more homeowners in trouble here than say up in Orlando or Tallahassee. Am I not right?

Roy Oppenheim: Yes as it relates to subprime, but also yes as it relates to what the “New York Times” was alluding to. And that is that wealthier people are now strategically defaulting on their loans, because they feel that it is not in their best interest to continue nursing underwater mortgages and that…