{"id":5300,"date":"2009-10-26T09:28:15","date_gmt":"2009-10-26T13:28:15","guid":{"rendered":"https:\/\/biznews.fiu.edu\/?p=5300"},"modified":"2009-10-26T09:28:15","modified_gmt":"2009-10-26T13:28:15","slug":"homeowners-walking-away-from-underwater-mortgages","status":"publish","type":"post","link":"https:\/\/biznews.fiu.edu\/2009\/10\/homeowners-walking-away-from-underwater-mortgages\/","title":{"rendered":"Homeowners walking away from underwater mortgages."},"content":{"rendered":"<p>Many South Florida homeowners who can afford to make their mortgage payments are choosing not to, forcing the lender to foreclose. It&#8217;s called strategic default.<\/p>\n<p>Andres Duque thought he got a real steal when he paid $125,000 for his Little Haiti condo. But four years later, similar units are selling for $35,000 and even less.<\/p>\n<p>&#8230;<\/p>\n<p><strong><a href=\"https:\/\/biznews.fiu.edu\/wp-content\/uploads\/2009\/10\/housing.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-thumbnail wp-image-5301\" title=\"housing\" src=\"https:\/\/biznews.fiu.edu\/wp-content\/uploads\/2009\/10\/housing-150x150.jpg\" alt=\"housing\" width=\"150\" height=\"150\" \/><\/a>William Hardin<\/strong>, a real-estate professor at Florida International University, said people have a moral obligation to honor their mortgages when they can.<\/p>\n<p>\u201cThe vast majority knew what they were doing and were taking a risk, and the fact of the matter is [the mortgage] is a contract. We live in a world where contracts have to be honored. It&#8217;s the way our economy works.\u201c<\/p>\n<p>Read: \u201c<a href=\"http:\/\/business.fiu.edu\/pdf\/PrintOct2009\/homeowners-walking-away-from-mortgages.pdf\" target=\"_blank\">Homeowners walking away from underwater mortgages<\/a>,\u201c an article from the MiamiHerald.com.<\/p>\n<p><strong>ADDITIONAL MEDIA COVERAGE<\/strong><\/p>\n<ul>\n<li>October 25, 2009:\u00a0 \u201cSouth Florida homeowners walking away from underwater mortgages,\u201c The Palm Beach Post. <a href=\"http:\/\/business.fiu.edu\/pdf\/PrintOct2009homeowners-walking-away-from-underwater-mortgages.pdf\" target=\"_blank\">Read article<\/a>.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Many South Florida homeowners who can afford to make their mortgage payments are choosing not to, forcing the lender to foreclose. It&#8217;s called strategic default. Andres Duque thought he got a real steal when he paid $125,000 for his Little Haiti condo. But four years later, similar units are selling for $35,000 and even less. [&hellip;]<\/p>\n","protected":false},"author":66,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[4,9],"tags":[619,694,697,2836,1838,2224,3806],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/biznews.fiu.edu\/wp-json\/wp\/v2\/posts\/5300"}],"collection":[{"href":"https:\/\/biznews.fiu.edu\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/biznews.fiu.edu\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/biznews.fiu.edu\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/biznews.fiu.edu\/wp-json\/wp\/v2\/comments?post=5300"}],"version-history":[{"count":0,"href":"https:\/\/biznews.fiu.edu\/wp-json\/wp\/v2\/posts\/5300\/revisions"}],"wp:attachment":[{"href":"https:\/\/biznews.fiu.edu\/wp-json\/wp\/v2\/media?parent=5300"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/biznews.fiu.edu\/wp-json\/wp\/v2\/categories?post=5300"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/biznews.fiu.edu\/wp-json\/wp\/v2\/tags?post=5300"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}