Hoak then throws out the canard that landlords won’t want to rent to someone who has strategically defaulted, with Gaskin saying this, “Landlords that make inquiry into credit history may be disinclined to rent to a strategic defaulter or may offer less favorable terms than to a consumer with a strong credit history.”
So we’re supposed to believe that a landlord would turn down a renter because the landlord notices that previously the potential renter made the savvy financial decision to walk away from an underwater mortgage?
Gaskin goes on and on. Your insurance rates will go up and you’ll even have to pay more for your cell phone if you walk away. People don’t walk away unless the numbers are very compelling. So, even if you had to pay another $10 a month for phone and a little more for insurance the thousands saved each month not feeding an underwater mortgage is still worth it.