In Arizona, numerous people are faced with a situation the place they owe far more on a residence than it is value and have “negative equity” in their residence. Selecting to default on a mortgage when you can find the money for the month-to-month property finance loan payment has develop into regarded as “strategic default” and is presently a warm subject with the media.
Is strategic default wrong? Does performing a strategic default indicate that you just basically “walk away” from the residence? Is there a correct and a wrong way to strategically default on your property finance loan?
Kevin Hardin is a local brief sale, mortgage modification and bankruptcy skilled in Phoenix and answers just a several of the inquiries about people have relating to strategic defaults in this brief video clip.
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