First Time Home.us

Many homeowners in Temecula, Murrieta and other portions of Riverside and San Diego County are faced with the dilemma of “strategic foreclosure”. They can continue to make the payments but in growing numbers are choosing not to.

Whether or not “strategic foreclosure” is the right choice for you is entirely personal. Forget about what others are doing. Estimates are that at least 40% of homeowners in Riverside County are at least 30 days delinquent on the their mortgage. Some by circumstance, others by choice.

Forget that banks and big business walk away from “toxic debt” all the time and justify it with “It’s a smart business decision”.

Most of the major lenders have enrolled in President Obama’s HAMP/HAFA programs, yet the number of families who get a loan modification or a short sale is a small percentage of those who apply.

There’s enough blame to go around for this crisis, so we have to quit pointing fingers and find solutions.

If you’ve tried without success to get a loan modification or a short sale approved, then your lender has made their decision and is obviously prepared to deal with the consequences.

It’s time for you to make yours, but whether you decide to stay or “strategically default” there will be consequences. It’s important to know what they may be before you make what may be one of the biggest decisions you will ever make.

Check out these videos for more information

Watch CBS News Videos Online

If you know someone who is facing this decision and would like more information and copies of the Federal Reserve brochures on how to avoid Loan Modficiation and Foreclosure Scams, please call or email us.

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