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I'm considering strategic default on my Missouri home
I'm considering strategic default on my Missouri home mortgage. Can the lender attach my sources of income such as pension, social security and IRA account?… read more
Roger
Roger
Litigation Attorney
Doctoral Degree
26,989 satisfied customers
If I lived in florida and owned a home in georgia could I do
if I lived in florida and owned a home in georgia could I do a strategic default and walk away from a mortgage? two states live in florida as a resident have home loan in georgia… read more
TJ, Esq.
TJ, Esq.
Juris Doctor (JD)
11,599 satisfied customers
I am contemplating a "stragetic default" on my mortgage. I
I am contemplating a "stragetic default" on my mortgage. I am 64 years old, my house is in disrepair, including a heating system that needs to be replaced..I am in heavy credit card debt. I am a singl… read more
Dimitry Esquire
Dimitry Esquire
Attorney
Doctoral Degree
5,526 satisfied customers
We owe $136k on first mortgage. My husbands health is failing
We owe $136k on first mortgage. My husband's health is failing making it very difficult for him to continue his part time job. We have retirement income, but our mortgage is about $350 more than it sh… read more
Richard
Richard
Lawyer
Doctoral Degree
57,587 satisfied customers
I purchased a condo in California in 2006 for $359,900 by putting
I purchased a condo in California in 2006 for $359,900 by putting 20% down in cash ($72k) and financing the rest via traditional 30-yr fixed loan at 6.375% APR. I also have a second loan ([email protected]% A… read more
Phillips Esq.
Phillips Esq.
Attorney
JD
21,111 satisfied customers
is strategic default an option for me to get out of my primary
is strategic default an option for me to get out of my primary residence and my second property… read more
LawTalk
LawTalk
Attorney
Juris Doctor
6,208 satisfied customers
I live in NH and am underwater as most are these days. We are
I live in NH and am underwater as most are these days. We are looking at trying to move and will have a hard time selling a 5k property in the area we live in. Our income is great my husbands name is … read more
Dimitry Esquire
Dimitry Esquire
Attorney
Doctoral Degree
5,526 satisfied customers
I am glad to know my 401K and retirement income are exempt
I am glad to know my 401K and retirement income are exempt and my future spouse is also off the hook. I am, however, a little confused by the rest of the answer. Is a strategic default preferable to a… read more
Richard
Richard
Lawyer
Doctoral Degree
57,587 satisfied customers
I am faced with either foreclosure of a short sale for a home
I am faced with either foreclosure of a short sale for a home in Idaho. I actually now live in Arizona and have a moderate mortgage on a home, the Idaho property was built as an investement and we liv… read more
evanesq
evanesq
Managing Attorney
Doctoral Degree
960 satisfied customers
I am considering options to get out from under a property (primary
I am considering options to get out from under a property (primary residence) and mortgage in Texas. The combined mortgage plus the 2nd (LOC) is likely 50K total "underwater". Although we can afford t… read more
JBaxLaw
JBaxLaw
Attorney
Doctoral Degree
8,080 satisfied customers
I co-signed on my step-sons mortgage and he is in default.
I co-signed on my step-sons mortgage and he is in default. Can the Mortgage company come after me. I live in arizona… read more
LawTalk
LawTalk
Attorney
Juris Doctor
6,208 satisfied customers
I have a unique problem. I have 4 homes - 2 in NJ incl my primary
I have a unique problem. I have 4 homes - 2 in NJ incl my primary and 1 in CA and 1 in CO. I can't afford to pay the mortgage on my primary home in NJ and am thinking of defaulting and letting go the … read more
Alex J. Esq.
Alex J. Esq.
Managing Attorney
Doctoral Degree
15,552 satisfied customers
what are the ramifications of a strategic residential mortgage
what are the ramifications of a strategic residential mortgage default in north carolina? -deficiency judgment? how aggressive? -damage to credit rating? -acceleration of any other loans-credit card, … read more
LawTalk
LawTalk
Attorney
Juris Doctor
6,208 satisfied customers
We are underwater on our home and are considering a strategic
We are underwater on our home and are considering a strategic default. We live in a deficiency state, Ohio and are concerned about the likelihood of a) a judgement and b) pursuit by the lender. We hav… read more
LawTalk
LawTalk
Attorney
Juris Doctor
6,208 satisfied customers
florida condo owner begining a strategic default. Is florida
florida condo owner begining a strategic default. Is florida a non-recourse state, meaning I'm willing to take the credit hit, but do not wish to be responsible for any balance after forclosure/short … read more
cfortunato
cfortunato
J.D.
7,967 satisfied customers
I owe $300K on my primary residency home in southern Arizona,
I owe $300K on my primary residency home in southern Arizona, eappraisal says house is worth 150K, zillow says about 200K, either way I am seriously thinking of a strategic default. I own a rental pro… read more
Infolawyer
Infolawyer
Lawyer
Doctoral Degree
8,377 satisfied customers
I am considering a strategic default on a home loan thet is
I am considering a strategic default on a home loan thet is not my primary residence in Virginia. I owe $875K and the value has dropped from $1.3 to $975K in last 2 years. I just listed it for $985K b… read more
Ellen
Ellen
Attorney
Doctoral Degree
21,737 satisfied customers
Since Im underwater in the value of my house and I need to
Since I'm underwater in the value of my house and I need to relocate very soon for medical reasons, I'm considering a strategic default on my mortgage on my house in Virginia. What would be some of th… read more
Real Estate Expert
Real Estate Expert
Juris Doctor
1,970 satisfied customers

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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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Meet the Experts:

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Infolawyer

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Ray

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LawTalk

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I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.

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Dimitry Esquire

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Ely

Ely

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P. Simmons

P. Simmons

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12+ yrs. of experience including real estate law.

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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