I’m commenting on a controversial book entitled, “Walk Away From Debt for a Better Future”. The author, Nicholas Carroll, advocates “prudent financial” planning or strategically defaulting on your home mortgage and credit card debt. He uses various techniques and is an alternative many, many families are considering as the moribund real estate market limps along. His web site has some provacative articles and I feel is a MUST read for those who are upside down on their homes with overvalued mortgages and staggering credit card debt. CLICK HERE to visit his site.
The author referred to a Wall Street Journal article on “strategic” defaults and one of the “comments” linked to this great site of some very clever limericks. Here’s one on the articles featured couple after they “walked-away” from their debt.
The Smiths, of 212 Willow Lane,
Thought their mortgage a terrible strain;
They defaulted and then
Moved next door to 210,
Where they rent, and are solvent a-gain.