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What is strategic default?

One of the most popular topics in Las Vegas real estate.  What is strategic default? Should I still pay my underwater mortgage.  If you want the facts now Watch Steve Hawks  What is strategic default? Should I pay my mortgage?   The simple definition of strategic default is the home owner can afford to continue to make mortgage payments but chooses not too because the value of the home is far less than the balance owed. One of the main reasons for an owner to choose strategic default is homeowners see their neighbors who have not paid their mortgage get help.

Here is a real life example.  Click and watch home owner chooses strategic default, makes no payments for five years then bank reduces mortgage principal and waives back payments of five years. Once considered taboo strategic default is now en vogue especially for owners who have tried to work with the bank and have received no help.  Suze Orman brought this to light on ABC News World Report by telling viewers to stop paying if you are twenty percent underwater or more and the bank won’t help you.

Strategic default has helped many home owners.
It’s no secret Las Vegas home owners are looking for options since they have seen no help from their bank or government program while they are current on their mortgage. The report that was just released by the Nevada Association of Realtor the Face of Foreclosure Report state 40% of the respondents said the bank told them to stop paying if they wanted help. If the banks are telling some home owner to not pay if they want help that is strategic default be recommended by the bank. Strategic default in Las Vegas Nevada sky rockets.

Where do I get help on the question, should I pay my mortgage or strategic default?
Every home owner has a different situation and we cannot tell you to strategic default but Steve Hawks can give you all the information, resources, new government programs and latest programs for Las Vegas home owners to make the best decision for them. Is strategic default an option?  The National Mortgage Settlement that was just agreed to Bank of America states that you need have stop paying your payment on 11.30.11 in order to receive assistance under that program from Bank America. Calif., May 08, 2012. To be eligible for this program, a homeowner must meet certain criteria, including: Owes more on the mortgage than the property is worth today and was at least 60 days behind on payments on 1.31.12.

Bank America Guidelines on National Mortgage Settlement Strategic Default
Strategic Default / Short Sale / Reduce Mortgage Principal
 Las Vegas short sale strategic default cash back from bank  

Steve Hawks B.S Finance Real Estate and Law
702.458.3999  http://shortsalewalk.com/wp-content/uploads/2012/10/Strategic-default-las-vegas-real-estate-steve-hawks-should-i-pay-my-mortgage-300x124.jpg

 

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