The Newly-launched community blog StrategicDefault.com offers hope to homeowners facing difficult decisions concerning their underwater homes. The website provides a place for homeowners to share their stories and find solace in knowing that they are certainly not alone in this struggle.
StrategicDefault.com is dedicated to underwater homeowners –struggling to make payments, contemplating strategic default, attempting a short sale or loan modification, facing financial hardships and the possibility of foreclosure, and those who simply have decided to walk away. Homeowners can take part in open and honest discussion, share their experiences and find support in the stories of others all over the nation facing the same situation. StrategicDefault.com is a port in the storm for homeowners facing these life-changing financial decisions.
Launched on July 30, 2010 by the foreclosure and strategic default experts at YouWalkAway.com, a number of insightful and interesting stories have already been posted on StrategicDefault.com. The topics of stories on StrategicDefault.com range from striving to hold onto a home, to the decline in foreclosure-ridden neighborhoods, to the continuous plunge in equity faced by borrowers. Dilip and Sandra Huwes recently discussed their evaporating equity, “In the last three years, we have seen the equity in our home disappear, as if it had wings. Now our mortgage is worth more than our home.”
StrategicDefault.com also links to informative Strategic Default and Foreclosure Crisis websites, where homeowners have access to foreclosure news, resources, tools and support. In visiting these links, homeowners can even schedule a free consultation with a foreclosure specialist.
A recent post by a Seattle-based woman summarizes the goal of StrategicDefault.com when she says, “I hope people can read this, and feel less alone. We feel very alone in this process, and like there is a stigma that we’ve ‘failed’ or something. But we haven’t failed – we’ve worked SO hard, hanging on by our fingernails to keep this house, and it’s like other powers are at work against us. Can’t fight with fate. We’ll be relieved when this is all over.”
The underwater housing market is a nationwide epidemic. Homeowners should no longer hide in solitude behind the shame and sense of failure cause by an impending foreclosure. StrategicDefault.com is encouraging an open forum of shared experiences to show homeowners they do not have to endure this struggle alone.
Editor’s Note from Darwin: The preceding was a guest post by Strategic Default which outlines this option for homeowners considering this course of action. While I’d previously criticized the practice, admittedly, I’m not living in a bubble area nor am I underwater on my mortgage. For struggling homeowners currently in this situation, the tools and services offered through this site do actually better serve and educate people than trying to go it alone. Going by the adage to not judge a man ’til you’ve walked in his shoes, if you are one of the people strongly considering a strategic default, I’d recommend checking out the site.