Friday, September 7, 2012

Five Different Flavors!!!!!



 
"Key Findings
  • 48% depleted a good portion or all of their savings prior to making a decision to walk away. 
  • 68% cited property values as the key reason for walking away. Only 5% cited health issues and few still (4%) cited loss of income.
  • 53% said they would have walked away if they were 20 years younger while 23% said they would not have. The remaining 24% said the question was not applicable (they were not old enough to have a house).
  • 30% said retirement was a factor in their decision.
  • 22% made the mistake of tapping retirement accounts before walking away and another 16% considered doing so but decided against it. 63% never considered it.
  • 88% readily admitted they were "strategic defaulters". 12% said they were not. This result is consistent with the 9% citing health or loss of income as reasons for walking away. 
  • 75% struggled with the morality of walking away. 25% did not.
  • 97% said they would recommend walking away to family members if they were in the same situation. 

That last bullet point is an indication that having walked away, the struggle over morality quickly ended, most likely in relief."

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