strategic default

Depends on what your situation is. I would consult an attorney on the matter.

A strategic default is just what it sounds like: A strategy in which one defaults on a debt that they otherwise could pay. Because each state has different rules regarding liability, there are some potential negative ramifications to doing this, so if you are thinking of defaulting, you should be seeking sound legal advice, and not from an acquaintance, but from a Real Estate Attorney in the same state the property is located in. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com ~ 888-889-9950

you need the advise of a attorney , call gary hosking at 631-766-4047 he works for a lawyer that handles mortgages. he has a post on this site....

A strategic default is when you own a home and purchase another home with the sole intent of letting the existing home go into foreclosure. Strategic defaults are never advisable. Consulting a real estate attorney is warranted to discuss your specific details.

A strategic default simply is making the decision to allow the home to default usually for reasons other than not being ablt ot make the payment. For example:1 - Moving out of the area but you owe more than the home is worth. Your options would be to rent the home, short sell the home, deed in leu of foreclosure, or stop making payments and allow the home to default.All of the options, with the exception of renting the home, carries a downside of not being able to buy again for several years. If you choose the option of deed in lue of foreclosure, often the mortgage compnay will allow you to stay rent free until the home is sold. they usually allow this simply because the home normally stays maintained so they don't have to worry about it.I have known of people that have done one of all of the above options, but each were in different circumstances. I doubt you will ever get a loan officer to provide you with any scenario that is "advisable" simply because of the legal implications (as you can see from other answers). Only you can decide what is best for you given your circumstances and understanding what the implications are for each decision.