Mortgage application defects keep rising

Mortgage application defects keep rising

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Mortgage delinquencies: Less stigma, more walk-aways?

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At least one in five homeowners owes more on their mortgage than their home is worth, and an increasing number think it's okay to walk away from that mortgage. A Pew Research Center survey found that about two-thirds of respondents still believe it's unacceptable to stop making house payments, but 36 percent say it makes sense - at least in some cases. Liz Quick is a Kirkland attorney who specializes in consumer, bankruptcy and personal injury law. She counsels people considering bankruptcy and suggests that having a lawyer or credit counselor look at the original loan documents can sometimes be helpful. "You might end up having issues related to your loan, perhaps predatory lending - or perhaps just a contract that you may need something looked at so you can see if there's any protection for you within your contract rights."

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