Looking at a home owners options to sell a home is difficult when their home is worth less than is owed on the mortgage.  Many owners have decided that being upside down in a home is not worth it, and they decide to stop paying the mortgage.  This is known as Strategic Default.

Without arguing the "ethical" dilemma that many face in a Strategic Default, it's better to just acknowledge that it is happening in every neighborhood in Jacksonville and Ponte Vedra Florida.

Avoid Foreclosure: Do a Short Sale

If you are in the situation where you need to stop making payments on your home, it is inevitable that at some point the bank will choose to start the foreclosure process.  This can all be avoided by completing a Short Sale.  Check out Short Sale Information for Jacksonville home owners.

Strategic Default or not, if you decide to go the Short Sale route vs. Foreclosure, you will need a Hardship Letter.  A hardship letter is simple, it's your hardship that has caused your inability to continue making mortgage payments.

Examples of a hardship are:

  • Job Loss
  • Loss of Income
  • Transfer to another city
  • Divorce or Seperation
  • Medical emergency or Illness
  • Death of Spouse or Partner
  • Military Duty
  • Failed business
  • Etc.

Strategic Default is a tough decision, but a Foreclosure is bad news on your Credit Score.  A short sale is a much better alternative as it has a much less impact to your credit score.

If you would like to speak to us about your options to sell your home, Contact the Brad Officer RE/MAX Specialists Team.

Posted by Brad Officer on
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