The New York Times reported last Thursday 7/8/10 that one in seven homeowners with mortgages in excess of one million dollars are seriously delinquent on their mortgages. By contrast, one in 12 homeowners with mortgages below one million dollars is delinquent. According to Corelogic, the company that compiles such real estate anaytics, the reason may be due to the fact that many wealthy individuals are purposely dumping their properties as opposed to continuing to make payments on a mortgage that will take forever to reduce in principal to allow for positive equity in the property due to the decline in the real estate market.
You may read the entire article at: https://www.nytimes.com/2010/07/09/business/economy/09rich.html?_r=1&src=mv&pagewanted=print
"My name is Emilio. When I was buying my property, I hired Mr William J Reinhardt Jr as my Real Estate Attorney, it was one of the best decision I ever made because he did everything in his power to make sure my purchase was successful. For example, The utilities bills left over by the person who owned the property before me. I said thank you to Bill for not allow me to pay these costly bills." - 5.0 stars | Posted by Emilio Bien Aime | October 1, 2019
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