Not every homeowner defaults as a result of not being able to afford mortgage payments on his or her home. Sometimes, a home can be so underwater (the homeowner owes more than the home is worth), that it may make financial sense to strategically default on the mortgage.
When doing so, there are important considerations that must be made, such as impact to the borrowers credit and whether or not the bank can and will seek a personal deficiency. Our dedicated Attorneys have experience negotiating with Banks and can help ensure that the Bank does not seek a personal deficiency through a Consent Foreclosure, Short Sales or Deed in Lieu of Foreclosure. I want these to be links that goes to that section. Call us at 847-786-8999 for a free Consultation.