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IAI and Boeing drive to active Arrow-3
TUCSON, Nov. 21 (UPI) -- A law professor says many U.S. homeowners should embrace foreclosure instead of fighting it.
Brent White of the University of Arizona is the author of "Underwater and Not Walking Away: Shame, Fear and the Social Management of the Housing Crisis," which was published in Arizona Legal Studies, ABC News reported.
In states like Arizona, California and Florida, where housing prices rose precipitously and then crashed, many people owe more than twice the current value of their homes, White said. Because rents have also dropped, they are often paying far more on their mortgages than they would pay in rent.
But he said emotions can interfere with economic reality.
"A lot of it has to do with shame, guilt and fear," White told ABC.
The Mortgage Bankers Association said about one-third of U.S. homeowners, 15 million, are underwater, owing more than the value of the house. But only 4.5 percent are in foreclosure.
Sarah Tinsley, a spokeswoman for the association, said anyone advising homeowners to walk away is "irresponsible."
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