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How Can I Do a Strategic Foreclosure? – Paula

My home is about 40% underwater. I have decided that my best move is a strategic foreclosure. I am nearly three months behind on my mortgage. Until now, my credit rating has been excellent.

Do I need to speak to the bank reps or can I just wait for documentation in writing?

Do you have any suggestions on releasing this house gracefully?

Paula




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Sincerly,
Steve

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Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

2 Comments

  • In order for anyone to help you, they would need to know what state you live in. Some states foreclosure process is long, some states very short.

    Also depending on what state you live in determines whether you need to be concerned with a deficiency balance when they ultimately take the home back.

    We have no idea as to your income, assets, etc that the lender may be able to go after.

    I suggest you seek a consumer attorney in your area for advice.

  • In order for anyone to help you, they would need to know what state you live in. Some states foreclosure process is long, some states very short.

    Also depending on what state you live in determines whether you need to be concerned with a deficiency balance when they ultimately take the home back.

    We have no idea as to your income, assets, etc that the lender may be able to go after.

    I suggest you seek a consumer attorney in your area for advice.

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