Strategic Defaults in Melbourne Florida
Posted on Nov 26, 2010 11:16am PST
Homeowners throughout Melbourne, Florida and all of Brevard County are deciding to abandon their homes through stategic defaults. A strategic default is when a homeowner decides to stop making mortgage payments even though they could probably afford the payments. These homeowners are so far upside down on their homes that they have determined that the best financial decision is to stop making the payments and walk away from the home.
Before anyone decides to try a stratgeic default, they should consult with an experienced Melbourne Foreclosure attorney. A strategic default is not as simple as just walking away from your home and not making payments. If you simply walk away from your home, the bank will foreclose on the home, and come after you for any deficiency left over after the sale. For example, if you owe $200k on a home, and the bank sells it at auction for $100k, the bank can still sue you for the remaining $100k deficiency. The bank can garnish your wages, garnish your bank accounts, and attach liens on your property.
With the assistance of a Brevard County foreclosure attorney, you may be able to walk away from your home without having to pay the bank for the deficiency. If you are considering giving up your home, contact the Bowin Law Group to learn how we can help you save your mortgage payments and leave the home with no financial obligation to the bank. We represent homeowners in Melbourne, Palm Bay, Cocoa, Cocoa Beach, Merritt Island, Port Saint John, Titusville and all other areas of Brevard County and Central Florida.