MoneyWatch

Strategic Foreclosure: Should You Walk Away from Your Mortgage?

July 20, 2010 / 11:22 AM EDT / CBS News

This post by Jill Schlesinger originally appeared on CBS' MoneyWatch.com.

Last week, I talked to CBS3 about the staggering number of foreclosures that are likely this year. Add to that data yesterday's disappointing NAHB home builder confidence index, which fell to the lowest level since April 2009, and it's clear that the recovery in housing is clearly going to years.

The prospects are bleak for many homeowners, including those who can actually afford to meet their monthly obligations. That's why some are considering strategic foreclosures, or just walking away from their mortgages. Here's the skinny on the trend:

Jill Schlesinger is the Editor-at-Large for CBS MoneyWatch.com. Prior to the launch of MoneyWatch, she was the Chief Investment Officer for an independent investment advisory firm. In her infancy, she was an options trader on the Commodities Exchange of New York.

Jill Schlesinger

Jill Schlesinger, CFP® is the Emmy-nominated business analyst for CBS News. She covers the economy, markets, investing and anything else with a dollar sign on TV, radio (including her nationally syndicated radio show), the web and her blog, "Jill on Money." Prior to her second career at CBS, Jill spent 14 years as the co-owner and chief investment officer for an independent investment advisory firm. She began her career as a self-employed options trader on the Commodities Exchange of New York, following her graduation from Brown University.

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