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Strategic Default Strategic foreclosures are emerging as a more common trend as homeowners across the country are looking for ways to escape underwater mortgages.

Strategic default, or strategic foreclosure, is a process by which homeowners that are struggling to continue making their monthly mortgage payments, make a calculated financial decision to default on their mortgage in order to improve the likelihood of getting out from an underwater property.

Do you owe more than your house is worth? You’re not alone, and you’re not without options. A recent 60 Minutes Special estimated nearly 11 million Americans are currently underwater with their mortgages, and the number is projected to double in the next few years.

Strategic default is also often the first step for homeowners looking to execute a short sale, loan modification or deed-in-lieu of foreclosure. Strangely, banks will usually not even consider a request for any of these real estate options unless a borrower is at least one month behind on their mortgage payments. Homeowners are being forced into default by the banks’ inefficiency and unwillingness to offer meaningful assistance.

After doing the math and watching property values shrink in some instances to less than half of what’s owed on a mortgage, more than 1 million homeowners joined a growing group who have allowed the banks to file foreclosure against them in order to get a strategic advantage in negotiations with the bank.

If strategic default is an option you are considering, it is suggested you consult an attorney. CAPITAL LAW CENTER Robert W. Carlson & Associates, P.A. can protect your rights during the strategic foreclosure process, help prevent deficiency judgments and represent your interests during negotiations with your bank.

Our law firm specializes in providing helpful and beneficial settlements which acquire the most favorable results with the lenders and investors. Call us today for a FREE consultation at 1-866-533-2533 or CLICK HERE to have us evaluation your situation obligation free.

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