Strategic Default – Playing Poker With the Bank

Millions of American homeowners are walking away from underwater mortgages, utilizing the process of strategic default. If you’re considering taking this step, even though you have the money to continue paying, you should prepare yourself to sit down to a game of “poker” with the bank. Assuming you have a recourse loan, you need to successfully bluff the bank into believing you cannot and will not pay, even though you face the threat of the bank suing you for a deficiency judgment on the balance of the loan.

Tagged as: balance, bank, bluff-the-bank, continue-paying, even-though, face-the-threat, Foreclosure, from-underwater, Money, process, Recourse Loan, the-balance, threat