When A Homeowner’s Best Move Is Turning Over The Keys
If the lousy economy has got you struggling to make your mortgage payments, there’s a good chance you’ve entertained at least a passing fantasy about turning in the keys and closing the door on your housing woes.
One group that has caught on to the financial sense of walking away is retirees. Some elderly homeowners who borrowed against homes in the Northeast to buy second ones in Florida have been allowing their older homes to fall into foreclosure, notes Scott Testa, a business professor at Cabrini College in Philadelphia. That strategy makes sense, however, because Florida’s homestead exemption law prevents creditors from forcing the sale of in-state properties.
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