There's a fire storm of debate going on about Strategic Defaults. Given that 40% of the Homes for Sale in Pinellas County are in financial distress and there are 34,000 active foreclosure cases with the Pinellas County courthouse - this is a hot topic worthy of disucssion.
A Strategic Default in when a homeowner owes more on their mortgage than the house is worth, CAN afford to make the payments currently and for the foreseeable future, and strategically decides to walk away. See Christine Springer's u-tube video "3 Easy Steps to Plan For Strategic Default" here. Some say that homeowners purposefully defaulting is like putting a gun to the head of anyone that's paying their mortgage or just got a new one.
While I'm not a fan of t-ing people off, here goes .... Personally, I think we all know the difference between right and wrong and if you're sitting on a big fat pile of cash just pay your mortgage, quit whining about what you lost, and go earn some more money, will you?
That being said, if you aren't sitting on a pile of cash, are struggling to make your payments and don't know which way to turn, the best place to start is by talking to an experienced attorney and experienced and professional Pinellas Realtors that specialize in foreclosure prevention. There should be zero shame about being in this situation. It's complicated and you aren't alone.
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Contact us here or give a call at 727-366-0324 Julia or 727-366-0325 to get started. Knowledge is power. ~ Julia