Investors defaulting to make money

From TheRealDeal.com

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For most homeowners, foreclosure is like a fatal illness that starts with losing control of their finances and ends with a sickening feeling when the bank finally seizes the property. Post-foreclosure, a homeowner’s credit rating gets trashed and he can be in financial purgatory for years, making it nearly impossible to buy or rent property.

But while foreclosure typically spells disaster for homeowners, for some New York City investors it may actually be a good business decision.