Bellevue WA – Here are the recommended steps to take before you strategically default. We have consulted a financial expert who recommends these steps before strategically defaulting.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
He believes that taking these steps will reduce the likelihood of your lender pursuing you after a short sale or foreclosure. We have to warn you of what could happen if you take these steps.
If you stop paying your credit cards, car loan, or house payment, then you could lose your house, car, and face lawsuits from your creditors. Your credit rating will also suffer.
In addition, you risk being chased down by your credit cards. All of this is risky and no one knows for sure exactly what will happen. So consult legal counsel before you stop paying anything.
Step #1: Miss a payment or two on an unsecured debt. This can be a credit cards, medical bills, or signature loans. Make sure you get more than 30 days behind on the payment. If it is less than 30 days, then it won’t report to the credit bureaus.
Whether you should completely stop paying the credit cards is another decision. The expert we consulted said you don’t want to be paying your credit cards and not paying your mortgage.
He said it makes it look too obvious that you are strategically defaulting. That is a decision you will have to make on your own. I have a hard time recommending that people stop paying their credit cards cold turkey.
But, going cold turkey is necessary for a successful strategic default. Maybe you can default and settle with the credit cards after the home is sold or foreclosed. Click HERE to keep reading.
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