Strategic Default is not the best option for distressed homeowners in Oakland County

April 26, 2012 - PRLog -- in Oakland County
   Bloomfield Hills, Michigan – 04/25/2012 – For homeowners in danger of losing their home, walking away might seem like an attractive solution. “Many distressed homeowners in Oakland County have been getting bad advice when it comes to strategic default,” said Mike Sher, CDPE and Associate Broker of Max Broock Realtors. “It has become fashionable for some so-called experts to recommend defaulting on your mortgage as a method of dealing with pending foreclosure, but this is actually one of the worst options imaginable,” Sher added.

Strategic Default is a method that some homeowners who are in danger of losing their home to foreclosure choose to take. Rather than spending more money trying to save the home, they simply let the bank foreclose, take the credit hit and then walk away. “It is unfortunate,” said Sher, “because there are so many better options available to homeowners under the threat of foreclosure than this.”

While Strategic Default may provide immediate relief to the overwhelming feeling that the threat of foreclosure brings, it can have devastating effects on a homeowner’s future ability to find affordable housing.

As a Certified Distressed Property Expert (CDPE), Mike Sher says that he makes a point to find the best possible options not just for the present, but for the future as well. “There are options for homeowners in South East Michigan that can have a much lighter effect on their credit while also allowing them to walk away from an oppressive mortgage.”

   Mike Sher has developed a free report entitled, “Escape your Unmanageable Mortgage” that is accessible from His website, http://www.ShortSaleOaklandCounty.com