Strategic Default Not a Great Strategy for Indianapolis Homeowners
By Pat Haddad, ABR, CRS, ePRO, GRI, Carmel, Fishers, Westfield IN Real Estate Expert
(Keller Williams Indianapolis Metro NE)
The sobering news earlier this week that Indianapolis home sales have plunged more drastically than anyone expected might have some Indianapolis homeowners wondering if a strategic mortgage default is their best option. After all, there’s a good possibility that stalled sales and a huge inventory of Indianapolis homes for sale could lead to further price declines, meaning many more borrowers will owe more on their homes than they’re worth. Why not just walk – make that run – away? Because, experts warn, no matter how dire your circumstances, a strategic default (purposefully walking away from your mortgage debt) will probably only create additional pain and problems for you and your family. The consequences of a strategic default are long-lasting and include: Ruined credit Inability ...
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