Strategic Default

Strategic Default in Chicago

Chicago Foreclosure Attorney: What is strategic default?

Many people who are hardworking and responsible have found themselves in a home they simply cannot afford anymore. In some cases, a strategic default on mortgage payments could be a smart action. A qualified foreclosure defense attorney in Chicago can go over the pros and cons and how a strategic default could benefit your situation. At Smith Ortiz, P.C., our attorneys have almost three decades of combined experience in foreclosures, bankruptcy, and other remedies for overwhelming debt, and should review your situation before you make any decision about defaulting on a mortgage payment. A strategic default is when there is a decision to stop paying mortgage payments to force a lender into a position to negotiate with you, or in some cases, to walk away from a property that is no longer a benefit to you, financially, due to the value of the property plummeting.

There are consequences to defaulting on your mortgage, and it is important that you understand the options before you decide to engage in a strategic default and walk away from a property. You may owe more on the house than the current market value, or you have tried for a long period to sell it with no success. You may also be exhausted trying constantly to do something effective with your home loan, and are getting no support or help from banks or your lender. One of the measures you can take before defaulting is to call our firm so we can negotiate new terms for your mortgage in a loan modification. When we call, they sit up and listen. We are skilled in negotiating loan modifications as well as arranging short sales. Before you throw up your hands and stop making your mortgage payments, talk with a good lawyer who can show you the options that could save you from damaging your future ability to buy a home due to a foreclosure.

We answer all your questions about foreclosures and strategic default.

We can answer all your questions about foreclosure, strategic default, and alternatives to foreclosure. You need to be well informed or you could make costly mistakes. Get started by scheduling a free case evaluation, where we will review your financial situation and explain your options. The problem won't just go away, and being proactive puts you in a position to find the best solution. Never engage in a strategic default without allowing our firm to review your case. There may be better options, including filing for bankruptcy.

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