Q: I live in the Northeast, but hope to move in the spring. I have neighbors who said their mortgage is higher than their home is worth. This week they decided to simply move out and let their mortgage company take it. I now have a vacant home on my block. What will happen now?
A: Your neighbors have elected to default on their mortgage and leave in their wake lower home values in your neighborhood. The fact is, no matter what the defaulting homeowners’ excuse, foreclosures decrease nearby home values. continue reading »