strategic default

Options for Removing Your Name from a VA Loan

In order to remove your name from a VA loan, you have several options: strategic default, short sale, foreclosure or bankruptcy. Q: I’ve read about strategic default and bankruptcy, and I’m a bit confused as to which is the better …

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Help Paying Monthly Bills

A person can help pay his monthly bills and avoid over-extension by going into foreclosure, doing a short sale or considering bankruptcy. Q: I will try to make a long story short. I have credit card debt of about $12,000, …

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Posted in Credit, Credit Card Debt, Credit Counseling | Tagged , , , , , , , , | 4 Comments

Making Mortgage Payments During Short Sale

Prevent further hurt to your credit history and credit score by continuing to make mortgage payments to your bank during a short sale. Q: I lost my job in Atlanta, but I have been offered a position in another state. …

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Posted in Mortgage, Real Estate, Selling, Short Sale | Tagged , , , , , , | 1 Comment

Is Strategic Default on Rental Property a Good Idea?

If you don’t qualify for refinance, you may be stuck with the property – a strategic default on rental property will lead to foreclosure. Q: My question is regarding a strategic default on a rental property. As with almost all …

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Posted in Foreclosure, Loan Modification, Mortgage | Tagged , , , , | 1 Comment

Strategic Default Versus Foreclosure

In strategic default, a homeowner walks away from a mortgage though they can make payments, prompting foreclosure. Q: Recently in my local paper, I saw an article you wrote on strategic foreclosure. I now cannot locate it. Would you be …

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Is Bankruptcy a Better Option Than Strategic Default?

Declaring bankruptcy is an option to help underwater homeowners. When in default you can consider a strategic bankruptcy. Q: About a month ago, you wrote an article about strategic default options for underwater homeowners. I was surprised that you didn’t …

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Strategic Default Options For Underwater Homeowners

Q: Do you ever address strategic default on rental property? I owe $135,000 and the property is worth only $65,000. A: Strategic default – hardly any topic in real estate raises hackles quite like this one. If your property is …

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Posted in Deficiency Judgment | Tagged , | 5 Comments

Short Sale Option or Strategic Default

You’re underwater on your mortgage, should you try a short sale of your home or should you walk away in a strategic default and risk a deficiency judgment? Q: My daughter is in an interest-only loan with a 30-year term. …

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Underwater Mortgage May Lead to Strategic Default

      Can honor ever exist in a strategic default or foreclosure when you have an underwater mortgage? Q: My wife has a home that we currently live in that she purchased back in 2003. We find ourselves in …

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Stop Paying Your Mortgage And Your Credit Score Will Suffer

If you stop paying on your mortgage or consider a strategic default, your credit score will take a big hit. Q: Let’s say I stop paying my mortgage each month. And let’s say there is some time before the house …

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Posted in Deficiency Judgment | Tagged , , , | 1 Comment