The Strategic Default Monitor ®

Strategic Default TV : A Local Arizona News Station Struggles (just a little) With Strategic Defaults

2012-02-01T00:13:00.003-05:00

A local news station in Arizona, ABC15.com, portrays strategic defaults as if it is a new phenomenon. Many of our readers understand that there is nothing new about "strategic defaults". Despite a few of the negative statements made by the newscasters one thing is made clear: A properly planned and executed strategic default can improve the financial future for yourself, your family, and your

Debt Defense Must Read Alert: Principles and Strategies for Dealing with Deficiency

2011-10-12T03:05:00.017-04:00

The Wall Street Journal reported in its aptly named article House Is Gone but the Debt Lives On that lenders and/or third party debt collectors are suing borrowers for deficiency judgments. This is not a new issue. This has been a growing concern among borrowers. There is a dawning realization that if a property cannot pay off the mortgage loan balance in full then the borrower will be

Got Questions? Get Answers...KO Wants A Plan To KO Bank of America For Not Responding To A RESPA Request

2011-08-05T12:00:00.003-04:00

GOT QUESTIONS? I recently ordered and read your book and I have a few questions particular to my situation. I hired a loan modification company about six months before I ran out of credit to juggle, in order to make my mortgage payments. The loan modification company has done a good job working for me and they are not what this email is about, I just mention it to explain my current circumstances

Planning For A Strategic Default Series : Putting Together Your Financial Snapshot and Gathering Documents

2011-07-02T00:51:00.003-04:00

In our last post in our Planning For A Strategic Default Series we wrote about the importance of Developing an Action Plan before initiating a strategic default. We are now going to focus on preparing an income and expense form and gathering documents. These are steps 2 and 3 respectively of Chapter 8 from our guide book Strategic Default: How To Create A Brighter Financial Future For You, Your

Understanding The Difference Between Judicial and Non-Judicial Foreclosures

2011-06-30T11:18:00.001-04:00

By Kenneth F. McCallion, Esq. It is very important to understand the difference between judicial foreclosures and non-judicial foreclosures. In simple terms, a judicial foreclosure requires a proceeding in a court. A non-judicial foreclosure does not require any proceeding in a court. In each type of procedure, a lender has the right to auction a property if the lender has properly filed all of

The 3 Must Send Debt Defense Letters

2011-03-06T03:03:00.004-05:00

The 3 Must Send Letters The following are the 3 "Must Send" Debt Defense letters. This means that at all times you must send any of these letters to any debt collection company or the original lender that contacts you. The 3 "Must Send" Debt Defense letters are: 1. The Debt Validation Letter is designed to get a lender or debt collection agency to provide proof that it can collect the

Consider Using A Mortgage Calculator, Amortization Table And Property Value Data For A Strategic Default

2011-01-24T00:06:00.010-05:00

Part of our job at strategicdefault.org is to review other viewpoints about strategic default. This current post is inspired by another post we found while researching the universe of articles on strategic defaults and foreclosures. We found this post entitled : “Should I Do a Strategic Default on my Mortgage?” by JLP in his blog All Financial Matters posted December 2, 2010. This question

Happy New Year !!!!

2011-01-01T23:47:00.272-05:00

Happy New Year. We all made it to 2011. Somehow, someway, to breath another day. The feeling of change in the beginning of a new year can be used to create a meaningful focus in our lives. For those of you who read our website...Thank You for visiting and taking time to read our content. We believe that your primary concern is how to strategically default the right way with the least financial

DEBT DEFENSE MUST READ ALERT : Is It Possible To Face Jail For Not Paying A Debt?

2010-12-21T19:41:00.002-05:00

This is a long post but it is worth the time to read everything. This post is based on a story written in The Home Equity Theft Reporter. The Home Equity Theft Reporter is a must read for people seeking to protect their home, cash, and investments from improper debt collection and foreclosure practices. The Minneapolis Star Tribune reported that a 57 year old woman was arrested while

Got Questions? Get Answers...AR Wants To Protect His Retirement

2010-12-21T17:22:00.007-05:00

GOT QUESTIONS? Enjoyed your book, but it doesn't address retirees walking away from a home. What assets can a bank pursue if I'm retired & walking away from a home I own in NJ? I've been told retirement money (401K, pension, social security, bank accounts) are Teflon from all except the IRS. Is this accurate? Please clarify. ThanksAR GET ANSWERS... Dear Ar: I thank you so much for your

Planning For A Strategic Default Series : Developing An Action Plan

2010-11-22T09:08:00.007-05:00

We recently received a comment from a reader of our new book Strategic Default: How To Create A Brighter Financial Future For You, Your Family Or Your Business. The reader had asked why we did not address strategic default from a state by state perspective. The reader acknowledged that the book lays a strong foundation in preparation for a strategic default. Perhaps the reader did not understand

Credit Reporting Companies Seek To Fight Back Against Strategic Defaults With Lower Scores!!

2010-11-16T09:48:00.001-05:00

Credit reporting agencies are taking serious notice of strategic defaults. The main credit reporting agencies, Equifax, Experian, and Trans Union, have seen a sharp and significant increase in default rates among prime borrowers. The main credit scoring companies, Fair Isaac creator of FICO and VantageScore Solutions creator of the Vantage Score are seeking to account for the change in consumers

Strategic Default TV : The Daily Show Exposes Mortgage Bankers Association Hypocrisy For Strategically Defaulting!!! - StrategicDefault.TV

2010-11-01T01:00:00.010-04:00

In a January 7, 2010 New York Times Article John Courson, the president and CEO of the Mortgage Bankers Association made very critical statements about people walking away from their homes or in other words strategically default. To quote from the article, John Courson: "told The Wall Street Journal that homeowners who default on their mortgages should think about the 'message' they will send

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

2010-10-21T12:56:00.021-04:00

GOT QUESTION? 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

Collection Tactics Monitor: October 9, 2010

2010-10-09T18:01:00.002-04:00