Lets Talk About The f Word

We all know that you dont say the F word in polite company

. Yet theres another F word that is apparently taboo as well. And we want you to go ahead and say it.

Foreclosure.

Then lets add in the S word: Strategic.

The fact is that there is a social stigma associated with foreclosure. Even more so when the foreclosure is a strategic default when the homeowner is not forced into foreclosure as a victim of circumstance but rather chooses to strategically default because it is the most sensible financial decision for them and their situation.

At Homeowner 101 we believe very strongly that foreclosure is not a moral issue. That doesnt mean strategic foreclosure is the right decision for you. It does mean that if it is, you shouldnt feel guilty.

Whats behind all this mortgage default guilt?

Many (likely most) homeowners feel guilty for even thinking about foreclosure strategic or not. Do you? You may fear that your foreclosure would let down your family, your neighbors, and your bank. You may fear that people will look down on you as morally corrupt. Maybe you think that the financial burden that has become homeownership is yours and yours alone to bear.

At Homeowner 101 wed like to challenge the conventional assumptions about homeowners moral obligation to pay their mortgage even though real estate values have fallen more than any other time in history since the Great Depression. Even though more Americans are unemployed that any other time in history since the Great Depression. We think nows a perfectly appropriate time to challenge those assumptions of moral obligation. So consider:

1. What are you giving up to pay a mortgage that will likely be underwater for at least another decade? Your guilt about a foreclosure or strategic default may prevent from you from improving your financial situation. It might even prevent you from paying for your kids college or funding your own retirement. Wheres the morality in that? Dont you have a responsibility to provide education for your children? To make sure youre not a drain on society in your old age? Put your financial reality and your family first.

2. Businesses default all the time and we never call them immoral for it. Every week theres a new headline about a big American company defaulting on a piece of commercial real estate. Or even going bankrupt. Or taking tens of billions in taxpayer money as a bailout after the financial crisis (you know, the same crisis that left you with a 25% under water mortgage).

3. The promissory note (your mortgage contract) says that you can mortgage default. Your mortgage contract provides for the option of default as one way to terminate the contract (then, of course, the lender gets to repossess the collateral the house). The point here is that a mortgage is a financial arrangement. So a decision to default should be a financial decision, not a moral one.

Is foreclosure or strategic default the right option for you? That depends on your unique situation. Its a question we can help you answer through an Underwater Homeowner Assessment and Action Plan. Sign up today.

You dont have a moral obligation to pay your mortgage. You do have an obligation to make the decision that is right for you and your family. One that will get you back to the place where home is not just where you make memories and break bread but also a source of financial stability and peace of mind. We can help. Sign up for our FREE underwater home online workshop where youll learn about the options you have and the mistakes you absolutely cannot afford to make.

by: Molly Castelazo

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