Freddie Mack’s Executive Vice President Says Walking Away Might Help
If you are a homeowner who owes more than the house is worth, some are suggesting that you actually walk away from the house. This is called strategic default.
Fannie Mae and Freddie Mack, own most of the mortgages in the United States with a value of less than $500,000, recently they acknowledged on their website, www.freddiemac.com that walking away might be “good decision for certain owners”.
Even people like the rapper Chamillionaire recently walked away from a $2 million house he bought in Houston in 2006. He walked away because he “didn’t feel like it was a good investment”. http://www.loansafe.org/rapper-chamillionaire-strategically-defaults-on-million-dollar-home-and-says-i-still-got-all-the-cars
If you are considering strategic default as an option, understand your legal rights and responsibilities. Walking away make cause bigger problems! Contact Castle Law of Florida for more information about your options.