There are a number of reasons to consider a strategic default on your house, but many people have negative connotations about the tactic. It is important to note that debt is a shared responsibility between lenders and borrowers who enter into a business decision in good faith and work toward a just outcome. Too often lenders simply see their side of the story without taking into account the nature of the economic landscape. Not all business decisions work out in your favor and it is important that lenders own up and are accountable.
As a debtor, it is important to exercise your own rights and understand that it is not only your issue that the financial situation has not panned out ideally. A strategic default can indeed be appropriate and the right thing to do because creditors are explicitly involved in creating the situation. Your family's financial future depends on how you approach debt, particularly if you are significantly under water. Negotiating a shared outcome between you and your lender may be the single largest decision on your personal wealth over decades.
There is a reason why the law provides for your ability to negotiate and hold a lender responsible. Business is applauded for making good financial decisions, and there is no reason why you as a consumer should not be applauded.
If you are considering a strategic default, it is important to work decisively, methodically and in an informed manner. As lawyers, we are willing to bring our experience honed in from hundreds of debt relief situations to work with your circumstances to help move toward a place of financial freedom that works for you in the long run. We encourage you to reach out today.
To discuss any aspect of debt relief options in a free initial consultation, call 407-278-7779 or e-mail us.
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