How to Navigate Strategic Foreclosures

How to Navigate Strategic Foreclosures Florida Foreclosure Lawyers

For someone who is struggling financially, the idea of walking away from your mortgage might seem like the right move. Strategic foreclosures are something that our lawyers have helped people navigate often. They are designed for homeowners who owe more on their home than they could sell it for.

To learn more, please keep reading. Then give our Florida foreclosure defense lawyers a call right away to set up a free consultation.

What Are Strategic Foreclosures?

You might be interested in strategic foreclosure if right now, you are technically able to pay your mortgage, but you choose not to because you know that the house will be foreclosed. That is what a strategic foreclosure boils down to. We call this being “upside-down” for your loan.

What that means is that, according to the housing marketing, your house is worth less than what you still owe for the mortgage. We also refer to this as “negative equity” and it is not a desirable place to be if you want to avoid foreclosure. It makes moving to a new home nearly impossible.

How Our Lawyers Can Help

We can certainly help you navigate this process if you decide that this is what you want to do. It is also our job to let you know that it is not without consequence to go through with strategic foreclosure. We aim to inform you as thoroughly as possible before you make your decision.

We know that the reasons why people might be struggling financially and are considering strategic foreclosures are numerous. Just know that you are not alone. Hopefully, we can also be a support system for you as you go through this, helping you feel empowered by keeping you in the loop and guiding you through it every step.

We are here to help you, never to judge. We know that money struggles happen to people unexpectedly. There could have been a divorce, death in the family, a layoff, or unexpected medical bills that have set you back.

There Are Drawbacks

As you likely already know, when you go through with a strategic foreclosure, it almost always means that you are going to end up moving out of your home. You will essentially be walking away from it. We know this can be a difficult decision.

Further, when people go through strategic foreclosures, it can mean that their home is seized by the bank. That lender can make you pay the balance on the home if they sell it. That can be a huge drawback for people who want to avoid going into debt.

Further down the road, if you want to own a home again, this foreclosure can make future lenders hesitant to give you a loan. It can make it harder for you to own a home again because they see you as a risk.

Call Our Florida Foreclosure Defense Lawyers

If you have been looking into strategic foreclosures and you want to know more, please do not hesitate to reach out to us. We have been helping people navigate foreclosure for many years. We can get you set up with a free consultation right away. Call us!

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