Strategic Default is not the Best Option for Las Vegas Homeowners headed towards Foreclosure
Strategic Default is a term used for a method of liquidating real estate in default. Despite being the recommendation of many so-called experts in Las Vegas, it is actually one of the worst options imaginable.
[ClickPress, Tue May 01 2012] For homeowners in danger of losing their home, walking away might seem like an attractive solution. “Many homeowners in Las Vegas who are in default have been getting bad advice when it comes getting out from under an oppressive mortgage,” said Tania Michaels, a Las Vegas short sale specialist and CDPE of Focus Commercial Group. “It has become fashionable for some so-called experts to recommend property abandonment as a method of dealing with an impending foreclosure, but this is actually one of the worst options imaginable,” Michaels added.
Strategic Default is a term used for a method of liquidating real estate that is in default. Rather than investing the time to apply for a short sale or any kind of “cash for keys” relocation programs in Nevada, they simply walk away, let the bank foreclose, and take the credit hit. “It is unfortunate,” said Michaels, “because there are so many better options available to homeowners who are under the threat of foreclosure than this.”
While strategic defaults in Las Vegas provide immediate relief to the overwhelming feeling that comes with the threat foreclosure, it can have devastating effects on a homeowner’s future ability to find affordable housing.
As a Certified Distressed Property Expert (CDPE) in Las Vegas, Tania Michaels says that she makes a point to find the best possible options not just for the present, but for the future as well. “There are options for homeowners in the greater Las Vegas area that can have a much lighter effect on their credit while also allowing them to walk away from an oppressive mortgage.”
Tania Michaels is a short sale specialist in Las Vegas and has developed a free report entitled, “Escape your Unmanageable Mortgage” that is accessible from her website, http://www.michaelsrealestate.com/reports
Tania Michaels is a multilingual, multifaceted, award-winning 16-year real estate professional in Las Vegas who has seen the world from many perspectives, and experienced life in various capacities. She specializes in seller representation (including short sale negotiations) and land acquisitions. Las Vegas homeowners, apartment owners, and investors may benefit from her experience with the residential and land sector which allows her to offer insight from the vantage point of an all-around insider.