Remember "Strategic Foreclosure?"

[JustRalph]

During the height of the foreclosure/housing crisis a popular term was "Strategic Foreclosure" 60 minutes did a story about it and it became a moneymaking scheme for some. I personally knew someone who refused to pay their mortgage for 16 months before they were evicted and banked over 30k which they walked away with.

It looks like strategic foreclosure might be catching up to them.

http://news.yahoo.com/americans-face-post-foreclosure-hell-wages-garnished-assets-053048943.html

[Robert Goren]

As my dad use to say "What goes around brings the cops around!"

[bks]

Advocates for the banks say that the former homeowners ought to pay what they owe.

I nearly spit my coffee out reading this.

[tucker6]

I nearly spit my coffee out reading this.
Forget that a bank is involved, are you disagreeing with the notion that people should have to pay for the obligations they made, and that walking away with $30k is acceptable?

[Robert Goren]

Forget that a bank is involved, are you disagreeing with the notion that people should have to pay for the obligations they made, and that walking away with $30k is acceptable? Some people are just learning a few tricks out the Donald Trump and other large developers's playbook. When they write best sellers on how to screw banks and other investors, it should be expected some people might actual try it on a smaller scale . The new Lincoln race track (if it is ever built) will be on land that a developer left a bank holding the bag on. The bank took a lot bigger hit than $30k on that 40 acres.

[HUSKER55]

so you are saying the major banks don't do this too

[thaskalos]

The FED is printing up billions of dollars every month and giving it to the banks at no interest, thus destroying the purchasing power of every single citizen who works hard and is trying to save some money for his/her retirement. Can't the FED print some more money...and give it to the distressed homeowners?