In strategic default, homeowners can afford the payment but they are just walking away from the home or doing strategic short sale to avoid foreclosure.
In March 31% of foreclosures were “strategic default,” up from 22% a year ago, according to CNBC’s reporter Diana Olick. She is really good in collecting all the facts on foreclosure. Watch this video on strategic default report:
Bottom line is rather than just walking away from the home, think other options like short sale which may be better for you in a long run and short sale will also save your credit from foreclosure. It will also save your community’s house value because a foreclosure sale brings the neighborhood house value much more down. So, do a favor to yourself and the community by doing the right thing rather than just walking away.
If you are in bay area and thinking of doing short sale or would like to know more about short sale then please call me at 510-366-9405 or email me by clicking on “About” menu on top right hand side.
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