A strategic default is when a homeowner knowingly walks away from their home, and completely abandons it while living elsewhere. They don’t notify the lender, and they don’t make any payments or arrangements at all. They simply leave the home without warning, not planning to take any responsibility for what is owed, and allow it to go into foreclosure even though they can afford the payments.
Options to Consider
This may seem okay to do in the borrower’s minds, but it really isn’t the right thing to do at all. In fact, it seems odd for those who can afford their payments, and those who have never been late, to run right into a 90 day late mortgage. There are options to consider even though you are frustrated; don’t let the market get the best of your emotions and make a hasty decision that will ruin your credit and your chances to refinance your loan or worse to buy a different home in the future.
To find out more about how you can get the help you need, you can go to www.fhaloansnow.net. You can find valuable information and learn more about buying smart with FHA.
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