Is Your Property in Trouble?

5 Stars

Mark F

"I was with KEL for over five years and the experience was second to none. They did everything they said they would. I highly recommend that you use KEL for your foreclosure defense needs"

Schedule Free Evaluation

Free Case Evaluation: 3 Easy Steps

 

1.

Complete our simple online questionnaire

 

2.

Schedule a free consultation with one of our Attorneys

 

3.

Receive individualized solutions tailored to your situation

Strategic Default

When the housing market takes a dive, your property can become a huge drain on your finances. If your home has lost a significant amount of value since you purchased it, your monthly mortgage payments will still reflect the higher value. If the market fails to rebound, you end up with a long term investment loss that you cannot recover from a future sale of the property. This means you could be paying substantially more money than your home is actually worth and there is very little you can do about it.

Strategic Default

When your home loses its value, strategic default may be an option worth considering. Strategic default is a conscious choice not to pay your monthly mortgage payments even though you are financially able to do so. In other words, strategic default is a kind of voluntary foreclosure. Instead of making payments and losing more money month after month, you choose to walk away from the ownership of your home. While walking away from your mortgage may seem like a great idea, you need to know that strategic default is not a fix-all. If you decide to walk away from your real estate, defaulting on your mortgage obligation can have major negative consequences on your credit. This could make it extremely difficult, or even impossible, for you to finance the purchase of a car or other property for years. In addition to triggering your lender’s right to recover the secured property, defaulting on your loan can enable your lender to pursue you and your other assets for a deficiency (the difference between what you owe and what your lender is able to recover from the value of your property). Florida law provides for a number of exemptions and protections that can forestall your lender’s ability to pursue you or your assets. If you are considering strategic default, it is highly recommended that you seek out experienced legal counsel. Look for an attorney that is able to understand the risks associated with strategic default and also the potential gains. When pursuing a default strategy, it is important that you are counseled on the credit and legal implications of a default. By working with a foreclosure attorney, you will have a better understanding of the pros and cons associated with strategic defaults. You can then decide if this is a course of action you really want to take. In 2009, nearly one quarter of all existing defaults were strategic. For some people, strategic default is ideal for avoiding excessive financial losses, but it is not a decision that should be made lightly. If you are considering strategic default, call our office today at (855) 215-2283 or contact Englett and Associates online to talk to one of our attorneys about whether or not this option is in your best interest. After we have an understanding of your financial goals, we can help you weigh your choices and then determine the best course of action.

Our Locations

Orlando

150 North Orange Avenue

Suite 303B

Orlando, Florida 32801

(407) 455-7359

Get Directions

Tampa

100 South Ashley Street,

Suite 600

Tampa, Florida 33602

(813) 496-7375

Get Directions

Fort Lauderdale

888 South Andrews Avenue

Suite 302

Fort Lauderdale, Florida 33316

(954) 334-7776

Get Directions

Fort Myers

5237 Summerlin Commons Blvd

Suite 305

Fort Myers, Florida 33907

(239) 275-2279

Get Directions

West Palm Beach

324 Datura Street

Suite 150

West Palm Beach, Florida 33401

(561) 847-7721

Get Directions

St. Petersburg

970 Lake Carillon

Suite 356

St. Petersburg, Florida 33716

* By Appointment Only*

(727) 497-6076

Get Directions

Lakeland

Lakeland 1102 S. Florida Ave

Suite 121

Lakeland, Florida 33803

* By Appointment Only*

(863) 327-1724

Get Directions

Melbourne

6767 North Wickham Road

Suite 400

Melbourne, Florida 32940

* By Appointment Only*

(321) 460-1646

Get Directions

DeLand

120 South Woodland Boulevard

Suite 203

DeLand, Florida 32720

* By Appointment Only*

(386) 626-0011

Get Directions

Naples

1415 Panther Lane

Suite 374

Naples, Florida 34109

* By Appointment Only*

(239) 201-2527

Get Directions

Miami

3350 SW 148th Ave.

Suite 110

Miramar, Florida 33027

(305) 967-6361

Get Directions

Jacksonville

50 North Laura St

Suite 2566

Jacksonville, Florida 32202

(904) 224-1522

Get Directions