Dec
30
2015

Strategic Default

Posted 4 years 150 days ago ago by SuperUser Account

Really?, the last time I checked -1 + -1 = -2 and not 2.  I have not been able to convince myself that absolving myself from my financial responsibility to pay my mortgage is going to work out for me in the end.  Don't get me wrong when it comes to protecting and providing for your family, sometimes difficult decisions need to be made.  If you are currently in that boat, please consider a short sale as one of your options to put it behind you.  What I'm talking about here are cases where you have the financial means to upheld your end of the bargain, but because you are not winning, you don't want to play the game anymore.    

On the flip side, I believe that there are some great outcomes when you commit yourself to going the distance.  For starters, if the reason for considering strategically defaulting is a result of the disappearing act of some disposable income, holding on provides the incentive to get creative in other areas of your life to fill the gap or to simply cut back to regain control.  It forces you to have honest discussions with yourself regarding what is and what isn't truly important.  Second, it provides you with an opportunity to serve as an expert in cautioning others to cut once and measure twice when they may be considering the purchase of a home and or investment property.

I've personally experienced some of the struggles in purchasing an investment property at the wrong time and having to maintain it without the proper capitol for years, and I'm hear to tell you that the strength and education gained in doing so is priceless.  Without those challenges this very site may not have existed, and my passion or helping others through similar challenges may have never been uncovered.  Don't use a "strategic default" as a short cut, put your gloves on and stay in the fight.

 

-Tony T.  

  






Recent Articles
Strategic Default 4 years 150 days ago
Mortgage Help Extended! 4 years 144 days ago
Goals, Goals, Goals, and more Goals 4 years 142 days ago
I'm still here.... 4 years 121 days ago
Needs vs. Wants 4 years 11 days ago
Is your personal residence an Asset or a Liability? 4 years 8 days ago
Interest Rates 3 years 355 days ago
Should I buy or Rent? 3 years 335 days ago
Subscribe
Local Real Estate News

Mortgage Rates Hit Record Low – Third Time this Year

Thu, 28 May 20 14:05:14 +0500

At 3.15%, the median 30-year, fixed-rate mortgage set another record. It’s down from last week’s 3.24% and the lowest since Freddie Mac started tracking in 1971.

‘Clean Criminal Background’ in Ads? Expect to Be Sued

Thu, 28 May 20 11:05:56 +0500

Lawsuits cost a ton of money even if you prevail, and aggressive lawyers are filing lawsuits against property managers and landlords that ban all rental candidates with a criminal history. It’s not strictly illegal, but a HUD statement says it likely violates the Fair Housing Act.

Dear Anne: Don’t Use an Offer to Increase Your Bottom Line

Thu, 28 May 20 11:05:28 +0500

Realtor A’s listing excited Realtor B – just what his clients want. But after Realtor B scheduled a showing, he said the commission in the MLS wasn’t high enough. After failing to convince Realtor A, he then included a higher commission in the contract. That’s wrong – right?

Violations Increase During Stay at Home Order

Thu, 28 May 20 11:05:26 +0500

Noting an “increase in violations and tempers” during the COVID-19 pandemic, a condo board wants to boost its enforcement powers and fine unit owners who break the rules. But details count. Any new enforcement process might create more problems than it solves.

Fair Housing Act: Words Matter in Advertisements

Thu, 28 May 20 11:05:07 +0500

It’s vital to review all advertisements, MLS entries and public-facing messages to make sure they comply with the Fair Housing Act and related laws that exist at all levels – local, state and federal. Realtors have been sued over accidental mistakes in the past.

Contact

 

Cecilio (Tony) Thomas

Future Home Realty

13029 W. Linebaugh Ave

Suite 101 Tampa, FL. 33626

727.207.2978

cecilio.thomas@IsItTime2Sell.com

"Your neighborhood Realtor..."