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Strategic Default Arizona – What You Should Know

Strategic Default Arizona

If "short sale" was the buzz word last year, strategic default is the "it" word this year, this is especially true here in Arizona where so much of our housing market [80%] is made up of distressed sales - short sale or bank owned A.K.A R.E.O. Arizona strategic default is just that - STRATEGIC, it requires a plan, it's not called ACCIDENTAL default right? Here is what you should know about Strategic default in Arizona. Let's first talk about what strategic default is and … [Read more...]

Strategic Default: Thinking About Walking Away-Think Again

"Strategic default", has referred to homeowners that can afford their mortgage payments but have come to the conclusion that it is not a sound financial decision to continue to pay on a failed investment. A few years ago, you may not have heard of such a bazaar word, today its a term being discussed in thousands of homes in Arizona, California, Nevada, Florida and others. The following article is courtesy of Thomson Law PLC Mortgage Mediation Group in Phoenix Arizona. In … [Read more...]

Strategic Default-Fannie Mae Increases Penalties

As discussed in previous posts, strategic default is an intentional decision by a borrower to stop making their mortgage payment. What’s interesting with a strategic default is-the borrower can usually afford to make their payment but strategically choose not to because they believe it’s better for their finances. Strategic default usually happens when there is a substantial difference between what is owed on the home and what it’s actually worth, commonly known as … [Read more...]

Walking Away-The Reality Of Strategic Default

What would you do? Strategic Default is essentially walking away from your mortgage "letting your home go" back to the bank, not because you can't afford the payments but because you don't want to. In Arizona it is estimated that 50% of the homes are "under water"-they are worth less than the amount owed on them., substantially less, sometimes hundreds of thousands of dollars less. I am a title rep, so I work with lots of industry professionals that have told me stories … [Read more...]

Strategic Default-The New Reality-Updated

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 … [Read more...]