Got Questions? Get Answers... RH Wants To Protect His Daughter's College Fund After Strategic Default

Got Questions?

I would like to do a strategic default, however, I'm concerned that BOA will be  allowed to take my daughter's college fund, which is only $17,000, and also pursue me relentlessly for years.  Is this true for residents of North Carolina? Our home, which we paid $385,000 for three years ago is now worth $290,000,  which is less than we owe. We can just about afford to stay and pay all of our  bills but this could change if our income goes down even slightly. Thanks for any advice you can give. RH

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Collection Tactics Monitor: October 9, 2010

In our previous Collection Tactics Monitor: October 6, 2010 post, we talked about a debt collection technique employed by a company called Heritage Pacific Financial. Please read the prior post so you can put this post into context. Since that post, we received the following email:

"Hello, I am writing you on your article http://www.debtdefense101.com/2010/10/collection-tactics-monitor-october-6.html. I am pretty much in the same case than “Kim” except Heritage Pacific took it a step further and filed suit against me. More or less the same Boiler Plate FRAUD complaint. I’m in process of hiring an attorney to respond to this and ask the court to dismiss this case (plus their Statute of Limitation is expired). I wonder if the hundred of people being victimized by this company http://hpdebtexchange.com/ couldn’t unite and counter-sue or get them close down business…Best, PK"

So assuming that PK's email is true then Heritage Pacific believes one or all of the following:

Introducing Our New Book - Strategic Default: How To Create A Brighter Financial Future For You, Your Family, Or Your Business

I am proud to announce the recent publication of the book, Strategic Default: How To Create A Brighter Financial Future For You, Your Family, and Your Business. You can purchase the book from this website right now. It will be available as an ebook and other publishers, including Amazon, in the near future. 

First. Let's talk about the WHY for this book. The book is inspired by all of our readers questions and comments. It is inspired by everything I have learned about the strategic default process.

The purpose of the book is to give you a solid footing when deciding to walk away from a debt. You can compare this book to a foundation of a house. The purpose of a foundation is to carry the full weight, the full load of the home placed on it. We all understand that a home needs to be built upon a proper foundation in order for it to last. 

You need a proper foundation to strategically default. The decision to strategically default requires a complete understanding of the process. You need to reach your goals with a strategic default. You need to understand the risks. By understanding your objectives and risks of a strategic default, you will eliminate fear and instill confidence. You will be successful. 

The primary goals of a strategic default are:

1. Cash Flow Protection
2. Savings Preservation
3. Wealth Protection 

The primary risks of a strategic default are:

1. Deficiency debt leading to a deficiency judgment. 
2. Lower credit score.
3. Loss of the home or property to a foreclosure sale.
4. Fannie Mae action or government actions against strategic default.  
5. Debt collections tactics, including mail, letters, personal visits to the property, phone calls to cell phone, work, and/or family members.

The purpose of the book, Strategic Default: How To Create A Brighter Financial Future For You, Your Family, or Your Business is to help you reach your primary goals and to help you reduce or eliminate the primary risks. It is to instill confidence and certainty. In this way, you can execute a strategic default to best fit your circumstances. This book will help you realize the primary goals of strategic default. 

The book contains a step-by-step strategic default checklist. This "must follow"  strategic default checklist helps you successfully put a strategic default into action. 

We must all make the first step. We must put our best foot forward. When it comes to strategic default, the results are not immediate. There is an important principle asserted in the book. The eighth principle from the chapter, Eleven Principles of Strategic Default is:

8. A Strategic Default Is Measured in Years, Not Days or Months

Any decision to walk away from debt begins a long process. The process can last years. It can take a lender or creditor a year or more to foreclose on a property. It can take you three to four years to repair your credit. It can take a year or more to pay back a debt.           

It can take a lender or creditor a year or more to win a court action to collect money. You can live in your property, payment free, for a year or more before a lender can successfully foreclose. It can take a year or more before you regain your personal and financial confidence. A lender or creditor can spend a year or more trying to collect a debt through a long process involving letters, phone calls, and/or legal action.

The point of this principle is to show you that a strategic default takes time. It's one thing to implement a strategic default i.e. stop debt payments. It's another thing to live through the process after you stop making payments. The book is a helpful guide while you live through the strategic default process and its ensuing consequences. 

Strategic Default: How To Create A Brighter Financial Future For You, Your Family, or Your Business was written for you so you can reach your primary goals, eliminate fear, and live with confidence. Essentially, the knowing and understanding that you made the right decision. Your ultimate goal is to protect your cash, savings, and wealth for you and your family. 

So please purchase and read the book. Then decide for yourself. It can change your life for the better. 

All comments are welcome. 

Thank you.

Augustine Diji