I can understand SOME of these strategic defaulters. My friend is a perfect example. She owns a condo as an investment property. It has a variable rate loan (that goes variable in ~2 years) with a HELOC. The property is not underwater. She doesn’t want anything for free. She is not looking for below-market interest rates, she is not looking for debt forgiveness. She just wants the bank to roll her 1st and 2nd into a market-rate 30 year fixed loan. But the bank won’t even talk to her. Why shouldn’t see say screw you and walk away. She feels like she is throwing money down the drain because in 2 years when her rate goes through the roof she won’t be able to afford it anymore… the bank is not willing to work with her now. It’s completely stupid.
