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Florida Foreclosure Attorney: Advantages and Disadvantages of Strategic Default

Back To Foreclosure Defense Video Help Page

Back To Foreclosure Defense Video Help Page

As a Florida foreclosure attorney, I believe it’s important to warn my clients about the potential risks of going for a strategic default on their home. There are some cases where strategically defaulting is a very smart move and can actually end up saving you money, but you need to keep in mind the potential consequences as well.

What’s a case where someone might consider a strategic default on their mortgage? Well, some people think that, if the value of their house has fallen so much that they’re making monthly payments that are much higher than what the house is worth, it’s better to voluntarily fall into foreclosure and walk away. It’s a “cut your losses” move.

Speak with an experienced Florida attorney at our firm today.
Call 855-Kramer-Now (855-572-6376)
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Florida Foreclosure Attorney Explains the Risks in Strategic Default

One thing that you have to keep in mind, though, is that this strategic default will affect your credit score. This is something that can put a financial strain on you and your family for years down the road. However, if you pay all your other bills on time, the foreclosure may not have a huge impact.

Another risk you run is that your bank will continue to pursue you long after you’ve defaulted to try to collect the money they believe you owe on the foreclosure. In one case, a Miami-Dade county court authorized collectors to pursue a man for $44,000 stemming from his default. If you work with a good Florida foreclosure attorney, however, you should be able to reduce this risk.

Most banks won’t agree to give loans to someone who has recently gone through a strategic default on their mortgage, which is something else you need to take into account. But because the current economy has caused so many people to foreclose, a lot of financial institutions now offer “mortgage repair” loans, so that you will eventually be able to buy a house again.

I do not broadly endorse advocating strategic default, because it is unique to every homeowner. If this is a route you would like to pursue, I do recommend talking to an experienced Florida foreclosure attorney so that you can assess the benefits and minimize the risks associated with this process. Give us a call and we can help you determine if it makes financial sense for you and your family.

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The Orlando divorce lawyers at TK Law are deeply committed to the individuals and families they serve. We are here to help you resolve each legal concern so you can regain control and move forward with your life. You will also have a steadfast, accomplished advocate in your corner to fight for what matters most if a dispute goes to trial.

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Diance C
Feb. 2025
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I had the pleasure of hiring Ms.Gastell for my divorce. I was kept informed at all times of any information relating to my case. Ms. Gastell worked deligently and was always ready to listen and help with any my concerns during a very difficult time in my life. I highly recommend TK Law PA.
John M.
Oct. 2024
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My wife and I finally took the steps to start the estate planning process as we are not getting any younger and we didn't want to leave a mess for our daughter to have to clean up. We have witnessed this far too many times of the last few years, as relatives have passed away only to watch the circus play out afterward. TK Law provided a wonderful experience from start to finish. Everyone at the office that I had the pleasure of working with was extremely professional and got back to me in a timely manner with any questions that I had. My wife and I really appreciate all the hard work and are very thankful to get all our estate planning needs met. We now have the peace of mind that we have done all that we can to minimize any issues after we pass.
JD
Sept. 2024
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On August 7, 2020, I was fortunate TK Law Firm was suggested as the first option for Divorce and Family Law. I was blessed to be represented by Ms. Janelise Gastell and TK Law Firm Support Staff. Ms. Gastell has the qualities and standards of integrity, ethics and loyalty. Ms. Gastell's dedication and determination resulted in positive results. Ms. Gastell challenged me to put in the same amount of effort. The end result was the divorce being finalized on September 4, 2020. Four years later, the money spent was an outstanding investment. The financial investment was an integral part of moving forward in my life. This included my well being mentally, physically, emotionally and spiritually. If potential clients are searching for excellent Divorce and Family legal representation. My recommendation would be Attorney Janelise Gastell. Thank You.
Benjamin C.
July 2024
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TK Law is highly recommended for anyone seeking legal representation. They combine exceptional legal expertise with a client-centered approach, ensuring you receive the best possible outcome. Throughout my case, Attorney Gastell and Paralegal Kayla consistently demonstrated unparalleled expertise. They were patient, persistent and dedicated to protecting my interests to ensure a positive outcome. #onefirmforlife
Carmen D.
Mar. 2024
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I give this law firm a 5 star. Ray and Janelise helped us with our probate issue and made the process a lot easier for us to finalized all of it. We're very thankful to this law office and recommend them for any legal issues.Thank you Janelisse and Ray and the entire office .
Chris O.
Dec. 2023
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This was first experience hiring a law firm and I am very happy that I hired TK Law. My attorney Janelise and Paralegal Kayla were kind, knowledgeable and made the process easy. They were quick to respond when I needed revisions to my document and the final outcome was perfect. If I ever need legal help in the future, I will not hesitate to contact TK Law again.
Lisa L.
2023
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The divorce process is never easy, but everyone one at TK Law made it as easy as possible. Kayla Johnson, my paralegal was always available, helpful and understanding of the situation. Attorney Janelise Gastell was also extremely helpful. She made sure all decisions were made in my best interest. My divorce seemed to take much longer than the average due to the other side, but both Ms Johnson and Attorney Gastell kept things moving as quickly as possible.

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