Walking Away! Strategic Defaults on the Rise

Over the past several weeks I've read numerous articles published by researchers around the country regarding "Strategic Default". For those of you that do not understand what "Strategic Default" is; it refers to homeowners who can afford their mortgages but are so underwater they are just Walking Away!

According to these new industry studies, the vast number of Florida homeowners deciding to throw in the towel even though they can actually afford to pay their mortgage is growing. Researchers found that the number of homeowners willing to default when the value of a mortgage exceeds the value of their house, even if they can afford to pay their mortgage, has dramatically increased compared to just a year ago. As Florida property values continue to decline it is pushing more homeowners further underwater. Nowadays delinquencies and foreclosure are so commonplace, it's become a trend, so much so that the shame of it no longer exists.

One likely reason for this growing trend is the increasing perception that lenders are not going after borrowers who are Walking Away. In March 2010, homeowners surveyed in these studies said there was just a 54 percent chance that a lender would pursue them if they default on their mortgage.  Although there may only be a 54% chance that the bank will pursue you for a deficiency, BEFORE you consider Walking Away you should Understand A Debtors Rights in Florida and certainly consult with an experienced Florida foreclosure defense attorney .

As a Florida foreclosure defense attorney who has experience in real estate law I educate and protect Florida homeowners, so get the legal advice you need, understand your rights, know your options and have a plan BEFORE taking action. Call me today for a FREE no-obligation consultation.