{"id":3851,"date":"2013-03-04T09:00:41","date_gmt":"2013-03-04T14:00:41","guid":{"rendered":"https:\/\/orlandorealtyconsultants.com\/?p=3851"},"modified":"2022-03-03T20:03:38","modified_gmt":"2022-03-03T20:03:38","slug":"strategic-default-more-popular-than-ever","status":"publish","type":"post","link":"https:\/\/orlandorealtyconsultants.com\/es\/strategic-default-more-popular-than-ever\/","title":{"rendered":"Strategic Default, more popular than ever"},"content":{"rendered":"

Although Bienes ra\u00edces en Orlando<\/strong><\/a> prices continue to steadily rise, strategic default<\/strong><\/a> is as popular as ever. As homeowners come to us to list their Orlando properties<\/strong> for sale, the majority of them are upside down on their mortgage. The big problem is that there are several lenders out there that won’t accept a short sale<\/strong> unless the mortgage holder has defaulted on their payments. This puts the homeowners in a difficult position by forcing them to either continue paying on a mortgage that is way too high or stop making their mortgage payment. Most people faced with this situation these days are strategically defaulting on their mortgage for the sole purpose of pursuing a short sale<\/strong> with their lender. When you think about it…what choice do they have?<\/p>\n

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Don’t get me wrong…I would never tell a client to purposely default on their mortgage, but once I explain their situation to them, they almost always choose to stop paying their mortgage and pursue short sale. Honestly, I can’t say that I blame them. As a matter of fact, if I was in their shoes, I would do the exact same thing.<\/p>\n

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How will it affect your Credit?<\/strong><\/a>
A short sale can have a lot less of an effect on your credit score than a foreclosure. But, it must be done correctly.
If your request for a shot sale is approved, your agent should ask your lender to report the short sale as \u201cpaid in full,\u201d as part of the negotiation.<\/p>\n

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Many sources have reported that a short sale has about the same impact on your credit score as a foreclosure, however from experience with our own clients, that\u2019s never been the case.\u00a0 Most of the time, clients of ours that have completed an Orlando short sale, <\/strong>report that their credit score only dropped by 100 points, which can be easily fixed by a good credit repair company.<\/p>\n

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There are no guarantees when it comes short sales<\/strong><\/p>\n

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It’s important for you to know there is no obligation what-so-ever on the bank’s part to accept a short sale payoff.
And you just won’t know until you begin the process.\u00a0 You should also be aware that short sales can take several months to complete depending on who the lender is.<\/p>\n

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If you still want to learn more about shorts sales, visit us at OrlandoRealtyConsultants.com<\/a><\/p>\n

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Although Orlando real estate prices continue to steadily rise, strategic default is as popular as ever. As homeowners come to us to list their Orlando properties for sale, the majority of them are upside down on their mortgage. The big problem is that there are several lenders out there that won’t accept a short sale […]<\/p>\n","protected":false},"author":4,"featured_media":22123,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[7,54,5,17],"tags":[22,10,12,104,25,255],"class_list":["post-3851","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-mortgage-companies","category-orlando-real-estate","category-orlando-short-sales-2","tag-florida-short-sales","tag-orlando-real-estate-2","tag-orlando-realtors","tag-orlando-short-sale-experts","tag-orlando-short-sales","tag-strategic-default"],"acf":[],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t