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As an Asset Protection Attorney, I’ve worked with many, clients considering a strategic default on their mortgage. So many are looking for advice on how to best handle real estate that is now underwater.

Strategic Default vs. Moral Obligations

Besides understanding the consequences, one of things we speak about about is the moral obligation to make good on their commitments. This is understandable. I, like you, was raised with a strong sense of moral duty to meet the obligations I agreed to and pay what I said I would. But here’s the rub: our government does not live by the same standards. And there comes a point where you must put your personal financial situation first.

Quit Feeling Bad for the Banks

If you are considering a strategic default on a mortgage, but feel guilty, then please watch this video on loan modification. This video  explains what’s really going on and why it’s so hard to get your bank to speak with you unless you are already in default. With a strategic default, or just plain default, you can quit feeling bad for the poor banks who are not going to get their loans repaid. If the banks were that concerned, then it would be likely that the sub-prime crisis would never have occurred in the first place.

httpv://www.youtube.com/watch?v=ssl5yb7FewA

Protect Your Other Asset with Asset Protection

If you are considering a strategic default foreclosure mortgage, I urge you to also consider asset protection to protect your other assets from exposure. Don’t let creditors get to your other healthy assets.   Also speak with a foreclosure attorney in your area. After you have your ducks in a row, then move fast. Delaying an inevitable decision is rarely a good idea.

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This Post Has 4 Comments

  1. I have a rental property that I’m still paying on. It’s about 15k under water & not up to code. The house will cost thousands of dollars that I don’t have to get it up to code. I waived the inspection so I didn’t realize the severity until now. I have another house I reside in. I’ve recently filed bankruptcy on credit cards & DID not reaffirm the rental. Can I do a strategic default without them trying to take my assets??

  2. Dear Sir, I have two properties in default and I have a third property that is paid off How do I protect the house from a law suit. My business is inc. Advise Thanks

  3. I’m going to default. Will I have to pay my second mortgage? My game plan is to stop payment on my first and second. I then plan to remain in the house until foreclosed and evicted. I live in Hillsborough county, Florida. What is the current approximate length of time it takes to court process and evict someone? How many years before I can purchase another home? Will the court garnish my income at any time? I’m on the bubble. It’s either this, deed in lieu or bankruptcy. What are your thoughts?

  4. What if the bank refuses a loan modification or rate reduction, after six years of paying our mortgage every month. Rental poetry s under water by 50% of original loan, best way to force the bank to wok with us?

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Pashmina Lalchandani

CEO & Co-Founder, Bar & Cocoa / Owner, Flow Simple
December 9, 2010, Douglass was a client of Pashmina’s

I’ve known Doug in many contexts, as a friend, as a client and as a business partner and he impresses me on all levels. He’s dependable, smart, generous and I wouldn’t hesitate recommending him and his law firm to anyone.
He’s the best and most ethical lawyers providing asset protection with rock solid strategies to give you peace of mind about your wealth. Straight forward, and straight talk. Doug is exactly the lawyer I want on my side. If I send someone to Doug, I know they’ll thank me for it!

Social & Solar Entrepreneur, Pan Afrikan Theorist, Translator/Interpreter,
Founder & Visionary Leader @ Afrikanpride.
March 12, 2011, Marlon E. D. J. worked with Douglass but at different companies

Doug is one of the most powerful thinker i have came across. During the short time that i have known Doug he has been a great source of inspiration. He has a simplistic yet effective and accurate way to analyze anything you bring to his attention, and then by asking you key questions he gets you to see the light at the end of the tunnel. Besides being extremely bright, he is a genuine and caring individual which is why I feel fortunate to know him. I can say without a doubt that he his the person you would want to talk to if you were in need of a person with his expertise.
Most of the lawyers out there will probably meet your needs, but if you are looking for someone to exceed your expectations and give you that wow factor, look no more he is the person for the job.

Patricia Salter

Associate Dentist at Smileology
December 1, 2010, Patricia was a client of Douglass’

I have been a client of Douglas Lodmell’s since 2001. My main concern was asset protection in this litigious society. I can sleep alot better at night knowing I have the instruments in place to protect the fruits of my labor, and that they will not end up in the hands of a slick trial attorney.

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