Strategic default expert Paul Stevenson, creator of the recently revised and updated Strategic Mortgage Default System, has declared 2010 to be “The Year of Strategic Default,” acknowledging the rapidly growing trend of homeowners walking away from their mortgages, even if they are still able to make the payments.
Online PR News – 09-June-2010 – – Strategic Default expert Paul Stevenson, creator of the recently revised and updated Strategic Mortgage Default System, has declared 2010 to be 'The Year of Strategic Default,' acknowledging the rapidly growing trend of homeowners walking away from their mortgages, even if they are still able to make the payments.
With real estate prices going from boom to bust in recent years, and an economy that has left many Americans jobless, millions of homeowners and investors are struggling to make their monthly mortgage payments. Millions more still have the money to make the payments, but are deciding to walk away (strategic default), because their homes are worth only a fraction of the amount they owe.
“Americans are finally waking up to the unfortunate reality of the real estate market and doing what is in their financial best interests. I expect this trend to head nowhere but up,” said Mr. Stevenson.
He continued, “Strategic default is a financial decision, not a moral one, and it’s the right decision for many underwater homeowners.”
In a recent blog post http://strategicloandefault.com/blog/?p=33 , Mr. Stevenson noted that the stigma attached to walking away from a mortgage is quickly disappearing, as troubled homeowners are heading for the exits in droves. Foreclosures are at all time highs, and analysts estimate that in March, 31% of defaults were strategic, which is nearly 8 times the rate in 2007. This number is very likely to increase if real estate prices continue to languish as they have for the past several years. Mr. Stevenson predicts that the strategic default numbers will exceed all industry forecasts in the second half of 2010, The Year of Strategic Default.
Regarding the strategic default option, Mr. Stevenson stated “While it is starting to look like ‘everybody is doing it,’ there are important questions you must answer before deciding that strategic default is right for you. In my Strategic Mortgage Default System, I help you evaluate the risks and rewards of strategic default for your particular situation.”
Paul Stevenson created the Strategic Mortgage Default System after going through the struggle of successfully disposing of two underwater mortgages himself, without losing his other assets, and becoming an expert on strategic default in the process. He recognized that there had been nowhere for him to turn to find a clear, concise, comprehensive description of the strategic default process, and thus decided to create a system to help fellow homeowners avoid the pitfalls that he encountered.
Mr. Stevenson concluded by saying, “2010 is The Year of Strategic Default. These defaults will keep real estate prices in the doldrums for years, continuing the cycle of more and more homeowners walking away. Hence I fully expect to be declaring 2011 as ‘The Second Year of Strategic Default’ in another six months. This phenomenon is real, and it is going to dominate the real estate market for at least the next 12-18 months. If you’re underwater on your mortgage, give the strategic default option serious consideration. And if you need help, my System and I are here to guide you through the process.”
For more information on Paul Stevenson and the Strategic Mortgage Default System, please visit Mr. Stevenson’s website, http://www.strategicloandefault.com