Considering Strategic Default?
Clarity is your friend, ,
Your Choices . . .
It seems that more and more homeowners are facing tough choices in the next few months. .
The time for band-aid fixes are fading away. . Especially after your loan modification has just FAILED!
What to do?
It’s troubling that homeowners have risen up to their obligations and share a responsibility to make it right. .meanwhile businesses make decisions based on what’s good for their share holders
Is that really the right approach for a homeowner?
”A Strategic Default is a business decision not governed by moral obligations”
This is why businesses everyday makes tough decisions to survive and weight the consequences of what the future really holds.
Meanwhile, uniformed homeowners with a self imposed moral obligation take the emotional road ahead. .
An emotional road that literally will assure them years and years of negative equity. . Essentially prisoners on their own homes.
If you take the emotional side out of your choice. . . here are some tips to help you with the rest:
Clarity: Find out your desired outcome. Clarity is remarkably easy to find when you actually seeking it. As you find yourself with a mortgage underwater, immediately focus on a resolution. . .otherwise you will be piling stress to your life until you take a stand.
Clarity is based on hard numbers and facts. . . while emotions are put aside.
Options: Explore the options available to you now. Concentrate on your preset situation and use actual data to bring a feasible solution.
Put it in Writing: Make a list of at least 3 different alternatives and likely scenarios and use it to craft a blueprint from which your heart and mind can develop the solution you are seeking for. .
Fernando Herboso is a Broker Specializing In Short Sales for Maryland & Virginia