Three Steps to Plan for Strategic Default

http://www.ForeclosureIndustryNews.com Christine talks about strategic default and how to prepare for it.

Category:

News & Politics

Tags:

• strategic
• defaults;
• walk
• away
• from
• house;
• foreclosure
• industry
• news;
• default
• planning

[HermandLo]

Siding for homeowners? Settle your debts!!! Even if your neighbors don't...honor your word and debts!

[ChristineESpringer]

@HermandLo That old chestnut? Is that the best you can do? Pull the morality card? Please! That died about two years ago.

[oringent]

never heard such a comprehensive collection of misunderstandings about finance.

[ChristineESpringer]

@oringent Where is your argument here? Apparently all you can do is criticize. Back up your position with some logic and maybe your comment will be taken seriously.

[mlmr11]

Well our house just went upside down this month .

We already defaulted on our credit cards because basically the banks robbed us.

Is it now time to default on the house ?

I'm kind of torn on this because we absolutely can afford the mortgage but I'm pissed that I'm paying for something that has less value than I owe.

Anyone have some advice ?

[ChristineESpringer]

@mlmr11 What happened? What did you decide to do?

[androidestereo]

Dude, the moment i found out my equity was gone, my "emotional attachment" to the "structure" de-materialized as well. .So, lets not get too crazy about it. Evil BOA refuses to negotiate so I'm taking drastic measures, and it goes something like this...I ain't paying!!. This bubble, fake, fictitious market was created by greed and lies by the banks and now you want ME to be "responsible" for this? I was a victim of a predatory loan by this bastards. so please... gtfo!!

:)

[RayAir1]

As far as I am concerned I am just renting from the bank right now.

I paid $205K and my house and now it's worth $120K. We never wanted to stay here for more than five years and now it's been eight, with no hopes of ever being able to sell it. On top of it i refinanced from an ARM two years ago and that tacked another $6,000 on to my loan balance.

Since my wife got laid off I asked for assistance and the lender hasn't done anything so I quit paying.

[tommyg524]

just walk peeps, just walk, let the entire thing collapse, its all based on debt anyway, and for oringent, you are an i d i o t whimp.

[androidestereo]

Thank you for sharing your knowledge and thoughts. :)

[ChristineESpringer]

@tommyg524 If I'm pissing someone off, it means I'm being heard! Thank you :)

[ChristineESpringer]

@Jollyprez I know this very well. It happened to me. I went bank to the BK court and asked them to reopen my case, the lower court said no, and now I'm waiting to hear whether the appeals court will let me reopen the case. Adversary proceedings are the best shot at principal reductions and saving the house, IMO. Remember, I'm not a lawyer and can't give you legal advice. This is what worked for me so far -- I could still lose.

[ChristineESpringer]

@HighAsCaptnKirk Go to a lawyer first before you walk away. Deficiency judgment is the gift that keeps on giving, except it's a gift you don't want when you are trying to rebuild your financial life.

[ChristineESpringer]

@bleearg0102 TBW is in a lot of trouble for what they did. I'm pretty sure their CEO went to jail.