Before you sob, laugh out loud. The rich are tops in walking away from mortgages. “The rich are different: they are more ruthless.”
Whether it is their residence, a second home or a house bought as an investment, the rich have stopped paying the mortgage at a rate that greatly exceeds the rest of the population.
More than one in seven homeowners with loans in excess of a million dollars are seriously delinquent. One in 12 mortgages below the million-dollar mark is delinquent.