In Arizona, many people are faced with a situation where they owe more on a home than it is worth and have “negative equity” in their home. Deciding to default on a loan when you can afford the monthly mortgage payment has become known as “strategic default” and is currently a hot topic with the media.
Is strategic default wrong? Does doing a strategic default mean that you just simply “walk away” from the home? Is there a right and a wrong way to strategically default on your mortgage?
Kevin Hardin is a local short sale, loan modification and bankruptcy expert in Phoenix and answers just a few of the questions about people have regarding strategic defaults in this short video.
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