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A Plan For Illinois Homeowners To Walk Away From Current Mortgages and Moral Obligations

Posted by Daniel T. Zanoza on Jul 10, 2010 at 11:43 PM

Strategic Default Strategy:

Recently, I was shocked to learn about how hundreds or perhaps thousands of Illinois homeowners are using a strategy called “strategic default” to walk away from their current mortgage obligations. Literally thousands of homeowners in Illinois and across the country find themselves “upside down” or “underwater” regarding the homes they currently live in. The terms “upside down” and “underwater” refer to homeowners who owe more money on their homes than they are currently worth.

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