I keep hearing about Strategic Default on the news. What is it?
Strategic Default is the idea of simply walking away from your house and letting the lender foreclose – in essence accepting defeat. In some cases, the home owner mails in their keys to the lender – called Jingle Mail in the industry. This is rarely the best option – usually only with extremely short-sited and stubborn lenders. If the lender is willing to listen to any strategies to decrease their loss, the other options yield a better result for you and your financial future.
