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Law Professor Writes Book On Underwater Homes

An Arizona law professor has released a new book aimed at helping homeowners deal with underwater homes, or those that are worth less than their mortgage debt, a common problem it today’s troubled real estate market.

“Underwater Home: What Should You Do If You Owe More On Your Home That It’s Worth?” written by Professor Brent T. White of the University of Arizona, addresses some of the most pressing issues on underwater homes and offers practical advice for homeowners at risk of foreclosure.

The book explains, among other things, when it makes sense to try to keep a home and when it's more practical to let it go, either in a short sale or foreclosure. It also answers other questions commonly asked by struggling borrowers.

White also discusses some of the options available to homeowners when a home goes underwater. The approach helps them realize that foreclosure isn't the only way out, and that they don't always have to give up their homes.

Real estate blogger Jon Maddux of YouWalkAway.com says the book is "an emotional and practical guide," empowering borrowers who feel helpless, ashamed, or alone amidst their mortgage problems.

White, who teaches real estate law and behavioral economics, culled some of his questions from a live chat session with Wall Street Journal readers. He said he was careful to address only the most important issues, as too much information tends to intimidate borrowers.

White had previously earned a name for himself last year with a controversial paper that challenged prevailing views that homeowners are morally obligated to continue making mortgage payments. The influx of responses helped inspire him to write the book and offer advice in more detail, he said.