{"id":3289,"date":"2010-12-06T05:50:00","date_gmt":"2010-12-06T05:50:00","guid":{"rendered":"https:\/\/tomfarandasfolly.com\/?p=3289"},"modified":"2025-09-29T21:08:27","modified_gmt":"2025-09-29T21:08:27","slug":"my-brother-phil-gets-quoted-again-in-the-ny-times","status":"publish","type":"post","link":"https:\/\/tomfarandasfolly.com\/?p=3289","title":{"rendered":"My brother Phil gets quoted (again) in the NY Times"},"content":{"rendered":"<p>Yesterday.&#0160;A relatively short (12 paragraphs)&#0160;article in the Real Estate section, &quot;When Borrowers Default on Second Homes&quot;<\/p>\n<p><a href=\"http:\/\/www.nytimes.com\/2010\/12\/05\/realestate\/mortgages\/05Mort.html?ref=realestate\" target=\"_self\">Even in a nonrecourse state, however, those homeowners who opt for a strategic default on a previously refinanced property may not be protected from lenders, because the mortgage in such a case was not accorded for a first purchase, said Philip Faranda, a mortgage broker for J. Philip Real Estate, in Briarcliff Manor, N.Y. <\/a><\/p>\n<p style=\"padding-left: 30px;\">Though not illegal, strategic defaults are controversial, because they are viewed in some circles as unethical. The practice is common among property developers.<\/p>\n<p style=\"padding-left: 30px;\">For homeowners under water, experts say, it can make economic sense. \u201cIt\u2019s a business cash-flow decision,\u201d Mr. Faranda said, \u201cbut the risk is that you\u2019re rolling dice with your future credit.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Yesterday.&#0160;A relatively short (12 paragraphs)&#0160;article in the Real Estate section, &quot;When Borrowers Default on Second Homes&quot; Even in a nonrecourse state, however, those homeowners who opt for a strategic default on a previously refinanced property may not be protected from lenders, because the mortgage in such a case was not accorded for a first purchase, [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3289","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/tomfarandasfolly.com\/index.php?rest_route=\/wp\/v2\/posts\/3289","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tomfarandasfolly.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tomfarandasfolly.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tomfarandasfolly.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/tomfarandasfolly.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3289"}],"version-history":[{"count":1,"href":"https:\/\/tomfarandasfolly.com\/index.php?rest_route=\/wp\/v2\/posts\/3289\/revisions"}],"predecessor-version":[{"id":8925,"href":"https:\/\/tomfarandasfolly.com\/index.php?rest_route=\/wp\/v2\/posts\/3289\/revisions\/8925"}],"wp:attachment":[{"href":"https:\/\/tomfarandasfolly.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3289"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tomfarandasfolly.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3289"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tomfarandasfolly.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3289"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}