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Category Archives: Loans
After being accused of a crime, you may have questions about your rights, as well as what you can expect on your court date. This is probably a scary time for you, and one way of soothing your fears is to get the facts on what will happen. However, now is the time to be picky about where your facts come from, as some sources will give you incorrect information.
A strategic default is one more strategy that debt-ridden consumers are considering in order to escape their underwater mortgages. The housing bubble burst which occurred in 2006 has turned many responsible homeowners scrambling for help. Prior to the collapse of the real estate bubble, home prices were rising quicker than most people had ever seen. Before the crash, people’s equity was literally accumulating daily. Many homeowners cashed in and traded up to McMansions of their dreams. Others tapped the equity to live at elevated levels. Individuals who weren’t able to qualify for mortgages prior to this era were finding that bankers and brokers were willing to creatively get their loans approved. While this may have seemed like a dream come true, it was actually an unfortunate situation that left many new homeowners with loans they didn’t understand or couldn’t afford. When home values dropped, many individuals were left with loans totaling way more than what their houses were worth. A domino trail of foreclosures has followed.
What can a person do if they can’t afford their house payments, need to sell to move? They can let the house slip into foreclosure; they can look into a short sale; or they can arrange for a strategic default.
Sometimes life just happens, and when it does it can leave you a few dollars short and a week before your next paycheck. If you’re strapped for ready cash your options may be limited. If you have a family with ready resources willing to help you that’s great, but in today’s tough economic times, a lot of families simply don’t have the resources to help. One option you may want to consider if you need cash now and can’t borrow from a bank or a family member is to borrow it is an auto lender.