To Whom it May Concern;
I came across the term 'strategic default' recently while researching the idea of letting my home go into foreclosure. I am not a homeowner struggling to pay my bills, I have excellent credit and not very much credit card debt. I was looking for a way to avoid bankruptcy if possible.
I purchased my home about 7 years ago. I was a single mom of 2 young boys and my tiny, 2 bedroom ranch made perfect sense for us at the time. I planned on making improvements over the years and being able to some day sell my home and make a profit. However, we are now desperate for a bigger home and unfortunately owe more than I could sell it for. I have talked to representatives with HARP who say that because I have no trouble paying my mortgage that they can't help me. I have talked to my mortgage servicer and they can't help me either. I would not qualify for a short sale, deed in leiu or even to refinance.
I struggle with this idea feeling that staying here and paying my mortgage every month is the morally right thing to do but this home no longer suits our needs as a family and is in need of repairs that I simply cannot afford. I met with a "real estate" attorney thinking he could help guide me. He had never heard of strategic default or the mortgage debt relief act. He was unable to tell me anything. He said I was asking a lot of what if type questions he couldn't answer. He told me because I pay my bills I should simply keep doing that.
I came across your website and it said you offer consultation on such a process and to email you. So, I would appreciate any information you could provide to help guide me in the path that is right for my family and I.
Thanks for your time.