Strategic Default is a buzz word this year. In case you live under a rock and have not heard of the term before, in a nutshell, strategic default is when someone intentionally “walks away” from their home, even though they could afford to make the mortgage payment.
There are 2 sides to every debate and this one is no different.
There are those that believe they made a commitment, gave their word and they should live up to their obligation. Period.
Then there are those that see strategic default as a business decision. They see walking away from their home as more financially advantageous than continuing to make the mortgage payment.
Now……I have my own opinion regarding strategic default, one that I won’t share here. I did however come across an excellent video titled “Three Steps To Plan for Strategic Default”.
Once again, I don’t necessarily support either side, but this is great information to consider.
If you are a homeowner in the Phoenix Metro area and are considering walking away from your home, you may find short sale to be a better option. Please call or email me for a confidential referral to a Certified Distressed Property Expert (CDPE) Realtor that can better explain your options.
For All Your Marketing, Escrow and Title Needs
Tags: Strategic Default, walking away
