He stopped paying the mortgage, basically forcing the lender to take the condo off his hands through foreclosure.
“I was able to pay off all my credit cards,” said Duque, who is biding his time in the condo, waiting until they come and evict him. “In a way, it was the best thing that happened to me because all my income is not being consumed by this freaking monster of a debt.”
Duque’s game plan is known as a strategic default — when borrowers walk away from loans, even if they can afford the payments. Here is a look at the benefits, the risks and the ethics of such a move.
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