Hello everyone Shawn Polston with Keller Williams Realty in Arizona talking with homeowners today about strategic default. This is a topic that many homeowners consider when their mortgage is underwater but it’s important to know your options and their effects before making a decision. If you have questions about your distressed property or have already missed a mortgage payment please give me a call or visit my website to discuss your options.
A strategic default occurs when a homeowner who is able to make their mortgage payment walks away from the home and decides to default on their mortgage. Homeowners who have seen a severe drop in their property value over the last few years have made this decision after throwing away money for months or years. If you are considering a strategic default I would love to opportunity to talk with you about all of the options you have for your distressed property. There are numerous reasons for completing a strategic default, whether it’s moving to a new home or town or to avoid wasting money, but there may be a better option for you to consider. Many homeowners who have decided to complete a strategic default may have missed out on the opportunity to complete a short sale. Many lenders currently are allowing homeowners to complete a short sale without ever missing a payment on their mortgage. After all that has occurred I feel no sympathy for the banks but want to help homeowners protect themselves for the future and make the best decision available. Even if a strategic default is the option you select it is important to know what this could mean for your long term credit and loan standing. Thanks to state and federal programs homeowners who are stuck with underwater mortgages have options to consider before walking away.
Please give me a call today if you are frustrated with making payments every month with no sign of home equity in the future. I offer any homeowner a no obligation free consultation in order to help them find the best solution to their property problem. Thank you for your time and I look forward to hearing from you in the future at Keller Williams Southern Arizona.