Strategic Defaults Big Part Of The Problem.
By George Souto, Your Connecticut Mortgage Expert
(George Souto NMLS #65149 FHA, CHFA, VA Mortgages)
Lending guidelines have been tightening and will continue to tighten for the foreseeable future, and Strategic Defaults are a big part of the problem why this is happening. Before I go any further I want to give my definition of what I understand a Strategic Default to be: Strategic Default: A foreclosure that results NOT from the Homeowners inability to make his/her mortgage payment, but as a result of the Homeowners CHOICE to not make the mortgage payment, because the property has decreased in value and presently is no longer worth what they paid for it. This blog is written based on that definition and that being MY understand is of a Strategic Default is. If you understand a Strategic Default to mean something else, then this blog does not apply to you. So if you are going to def...
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