Beware! A Strategic Default Hurts Your Chances for Future Mortgage

Posted By San Diego Bankruptcy Attorney || 13-Mar-2012

You may be unaware that walking away from a home loan could make it exceedingly difficult to secure a mortgage in the future. In light of the economy and because the value of homes are decreasing, many consumers are choosing to follow through with foreclosure instead of fighting to keep their home. The majority of homeowners who opt for strategic default actually owe more on their home loan than the property is worth, and they choose foreclosure because they would not benefit from a short sale.

The state of California has reported some of the highest rates of foreclosure notices, as have Nevada and Arizona. A recent report from CNNMoney.com conveyed that lenders are starting to pay attention to more than just credit scores when they consider granting a mortgage. If you have faced a foreclosure but you weren't in a position of dire financial need, a lender could back away from offering you another mortgage.

Strategic decisions to default on paying mortgages are usually bad decisions, and there are other options that leave you better off down the road. With the help of a San Diego bankruptcy lawyer from our firm, you can find the financial solution that is best for you and your family. At San Diego Bankruptcy Pro, our talented legal team is fully capable of reviewing your current situation and offering you profound, straightforward legal counsel. When you contact a San Diego bankruptcy attorney at our firm, you are taking the first step towards a brighter financial future. Call today.

Categories: Bankruptcy

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