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Susan Redfield's Blog

By Susan Redfield | Broker in Miami, FL

The Double Standards in Foreclosure – Allowing Rich to Default With Impunity

The double standards in foreclosure beggars’ description – the rich are allowed to default with impunity. The borrowers with modest means who are walking away from their mortgages are regarded as anti-socials while the rich are credited with having taken a good financial move. There are obviously double standards at play – one for the rich and one for the ordinary borrowers.

Compilation of data is showing that larger debts have a higher probability to become delinquent during times of a financial crisis that loans of relatively modest size. The difference in the size of loans will highlight the treatment meted out to the wealthy on one hand and to the general borrower on the other.

The general house owner whose means are modest, who opts for strategic default and decides to walk away from the house and mortgage are considered to be anti socials while the same step taken by wealthy borrowers is lauded to be a wise financial move. Thus the previous economic position appears to be the yardstick for the judgment.

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