When you leave your home and let go to foreclosure it’s what’s called a Strategic Default on your mortgage.

Sometimes a property is so far underwater that it could take years before the home regains all its value.

If that happens, borrowers sometimes choose to stop making their mortgage payments, even if they could afford to stay current, simply because the home has become a bad investment. This decision is known as a “Strategic default,” which is also sometimes called “voluntary foreclosure” or “walking away.“

Downsides to Walking away (Strategic Default)

• Foreclosure stays on credit report for seven years
• According to FICO a foreclosure can drop your score by 100 Points
• Can affect your ability to obtain another mortgage or the ability to rent an apartment or home
• A foreclosure on your credit report will affect your application process more if you are seeking a job

      in the finance, accounting, or banking industries. 

We are here to help

Even if you have already walked away or filed bankruptcy and abandoned the property, we can help. Call now to discuss options to protect your credit and avoid the downsides to walking away. *Financial Incentive available for not walking away.