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Ariz. Law Professor Publishes Book on Walking Away From Mortgages
Though professor Brent White of the University of Arizona School of Law doesn't have the star power of rapper Chamillionaire, he may be slightly more qualified to opine on issues related to the housing crisis and mortgages and the like.
As reported by the ABA Journal, he's done so on many occasions in the past, and has now gone big time with a book on the subject. The book is descriptively titled "Underwater Home: What Should You Do if You Owe More on Your Home than It’s Worth?" I guess that subtitle was necessary so as to avoid angry letters from readers who might have expected something more along these lines.
The Wall Street Journal Developments blog has a thorough review of the book, complete with juicy excerpts like this:
I think it‘s OK to stop paying the mortgage long before you clean out your savings, sacrifice your retirement, spend your children‘s college fund, and certainly before you have to start using your credit cards to survive. Before you do any of those things, I think the more moral course is to stop paying your mortgage. Indeed, I think it‘s morally acceptable to default if your mortgage threatens your ability to save adequately for the future, regardless of whether you can pay it according to some arbitrary definition of “affordability.”
While I'm sure the book is full of helpful information, I'm hoping it doesn't show up on the holiday wish lists of any of my loved ones.
Posted by Eric Lipman on December 8, 2010 at 01:15 PM | Permalink
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