Heck yeah! If 1/2 or more of all mortgaged properties are underwater - and it’s that easy - why not just let em foreclose - then go buy another house for $300 bucks!
“Strategic default” indeed. Up to 5 million foreclosures next year alone and that’s not everything in the banks’ inventory pipeline
It doesn't add up. If there is a mortgage, the bank will pay the taxes to protect their position. If there is no mortgage the owner would have to be brain dead to not take out a small loan, pay the taxes and sell the property at a loss. In this case they would walk away with something.