Saturday, December 5, 2009

ALL BUSINESS: Help needed for underwater mortgages

Stop paying your mortgage.

That's the underlying message from a University of Arizona law professor, whose new paper is hitting a nerve as the nation's housing crisis enters its fourth year.

Brent White denies advocating walking away from a mortgage that is bigger than the value of a home. Nonetheless, he lays out a case of how it can be done, and his suggestions have gone viral, popping up online, in newspapers and on television.

It's a move that can save some people money, but at the expense of wrecking their credit.

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