Reasons to Consider Strategic Default
Strategic Default and Foreclosure Defense in Long Island
If you are at risk of losing your home because the payments are too high, it may be in your best interests to consider a strategic default. A strategic default is the conscientious decision to default on your mortgage payments, thus forcing the lender to pursue a foreclosure. Contact a Long Island foreclosure attorney today to find out if a strategic default is the right move for you. While on the surface defaulting on your mortgage may not seem like the best course of action, there are many reasons to consider a strategic default. These may include:
- The value has dropped on your home and you now owe more than it is worth
- You can stay in your home until the lender forecloses, which may take several months or even a year or longer
- You can save the money you would be putting towards your payment and have that money available for when you need to move
- You may be able to negotiate more time in your home with your lender as well as a fee for leaving your home in good condition
- Your lender may want to work with you to keep you in your home until they are able to foreclose, thereby protecting the property from vandals or vagrants
Contact Blutter & Blutter today to discuss your options and why a strategic default could lead to a better final resolution when carefully managed.
The firm is a reputable, established law firm on Long Island, and is committed to client-focused service and care. If you are in danger of losing your home because your mortgage is far higher than the value of your home, contact the firm today to speak with an experienced lawyer. The firm is dedicated to providing personal, individual legal help you can trust.
Contact a Long Island foreclosure defense attorney today to find out more information about strategic default.