There is no question that a growing number of American’s are becoming delinquent on their mortgage.  If you are unsure of what to do or considering a strategic default, commonly known as walking away from your home, this video is for you.

Why?  I’ve noticed that it has become popular opinion and almost considered a national past time to simply walk away from your home.  There are even people recklessly encouraging underwater homeowners to simply bail on their mortgages without even considering the consequences.  It’s not that easy and anyone who tells you so, is misleading you.  Whenever something seems that easy, there are always consequences.  Don’t think that just because everyone else is doing it, that there will be no consequences.

Remember the mortgage you signed is full of legal and binding agreements between you and the lender.  Walk away and they will most likely sue you down the line.  The way to handle it is to either restructure your mortgage or negotiate a short sale.

The following video from Cambridge Credit, Thomas J Fox, discusses the long lasting negative effects that can come from walking away without notice or “strategic default.”   Please understand that once your home goes through foreclosure, that you may be responsible for what is called the deficiency amount.  If you’re underwater on your mortgage, don’t feel alone; its very common.  Just as important is how you handle the situation.  It will be better and easier to deal with this now versus having a judgement against you after the fact.

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