Flipper’s escape? Stop paying the mortgages.

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More on the ‘walking away,’ or ‘jingle mail’ trend*: CNN Money profiles a Hancock Park flipper -- identified only as ‘David’ -- who’s about to give up on two houses he bought in hopes of flipping them:

’ ‘I stopped paying my mortgage in October, after shelling out about $70,000 in interest [over 15 months],’ said one borrower, David, who doesn’t want his last name used. ‘Now, I’m just waiting for the default notice.’ ‘

More: ‘The Los Angeles-based writer bought two properties in Hancock Park, west of downtown, using no-down, interest-only mortgages in 2006. He paid just over $1 million for both. David had planned to sell them quickly but got caught in the slump. Soon his interest rate will jump by a few points, and his payments will go up by several hundred dollars a month for each place. He figures his properties have fallen in value by at least $60,000 each.’

*Is it really a trend? Or is the ‘jingle mail/just walk away’ story a media myth being blown out of proportion? It’s hard to say for sure -- statistics on foreclosure in general are wobbly. I’ve certainly heard from numerous readers who say they have done it or are in the process of doing it. I’ve quoted bank executives and the Federal Reserve voicing concerns about rising numbers of homeowners who are giving up on their mortgages. CNN Money quotes Richard DeKaser, chief economist for National City Corp., who ‘notes that while all credit metrics are deteriorating, mortgage delinquencies are rising disproportionately. ‘That makes sense if people are choosing to walk away,’ he said.’

One more quickie: Voice of San Diego profiles the Web-based business You Walk Away, which charges a fee ($995) for advice on foreclosure options, including the option of giving up and walking away.

Thoughts? Comments? Insights? E-mail story tips to peterviles@latimes.com.