Some Homeowners Willing Enter Foreclosure

Here is an article about the concept of strategic defaults. I have written about this before. It is an issue that I hear about frequently when new clients contact my law office and tell us that a “loan mod consultant” (translation=”person practicing law without a license”) told them to stop paying their loan to improve their chances of getting a workout. Astonishingly, sometimes they say that the lender itself (by its representatives) told the borrower not to pay the loan. Can you imagine that? A bank that employs reps who tell customers to stop paying the bank? I hear it all the time. There are serious consequences and risks involved with strategic defaults. Before you make this choice, you should consult with an experienced attorney and review the pros and cons. If you have a New York property and wish to discuss this with me, please email or call us.