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As a foreclosure lawyer, I know that no one wants to be involved in an Orlando foreclosure. I’ve already enumerated a number of drawbacks in engaging in a strategic default in the video above, as well as several key benefits, including being able to stay in your house, freeing up more money for other expenses, and giving you leverage in convincing creditors to negotiate with you and lower your debt.
But I wanted to touch on another benefit as well—perhaps the most important one.
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Call 855-Kramer-Now (855-572-6376).
Another Positive of a Strategic Default from a Foreclosure Lawyer
So, what is this amazing potential benefit that you might gain from using a strategic default? Time.
Yes, I said that you could stay in your home but what you’re really gaining is extra time. If the home is your primary residence, you’ll be able to push off worries about having to move and what’s going to happen to your family. How much time am I talking about? Up to two years in some cases.
This gives you a chance to think past next month’s mortgage payment and focus on the big picture. Extra time adds to the benefit of putting your money to good use, because instead of throwing it into the seemingly bottomless pit that your home has become, you can strategically pay off other debts or put that money into savings or other investments.
Talk to a Foreclosure Lawyer to See if a Strategic Default Is Right for You
None of this, of course, means that a strategic default is what you should be doing in your situation. Make sure you are on sound footing, be aware of the risks. This is a decision that takes a lot of thought and can only be determined after an expert takes a look at your finances and talks you through exactly what might happen if you do decide to use this strategy. It’s not for the faint of heart, and sometimes alternatives to foreclosure are a better solution. That’s why it’s so important to find an Orlando foreclosure lawyer that you can trust.
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