Archive for the ‘Board Of Directors’ Category

What’s The Deal With Strategic Defaults And Is It A Constructive Thing?

Friday, May 18th, 2012

Hello, I am Mike Rigley, a licensed default advocate, distressed property expert and your short sale specialist. We are California’s leading short sale team and we’re here to help. Welcome to our video blog. Right now we are going to speak about strategic default. For those who’re wondering what that is, it’s when you possibly can afford to make your month-to-month mortgage payments but the property is thus far upside down that it simply doesn’t make sense to keep paying it. So, for instance you owe $four hundred,000 and your home is now worth $200,000. Based on regular appreciation, you’ll be able to expect to pay the property off before it’s ever worth what you owe. Let me say that again, you will pay the property off before it is ever worth what you owe.

Is it morally corrupt or is it simply good business? Only you possibly can determine that for yourself. I might encourage you to take a look at it as a very good business decision. If Proctor and Gamble, Chevron, Intel or another large company sold off an underperforming or a money losing asset, would not their board of directors say it was a good business decision and their shareholders reward them with a stock price increase? Absolutely they would.

So why are you any different? With the favorable tax legal guidelines permitting you normally to avoid income tax on the debt forgiveness, and the strong California legal guidelines are prohibiting the lender from pursuing a deficiency. If you’re contemplating a strategic default, now would be the time to act. Now I am not encouraging you to stroll away out of your loan however I’m encouraging you to take a look at what is sensible to you. With the tax forgiveness act of 2007 expiring at the end of this 12 months, now could be the time to act.

Once more, I am Mike Rigley your California short sale specialist and I am here to help. For a free, no obligation financial session, give me a call today, sleep better tonight, you’ll be glad you did. My number is 888-317-9376. Thanks and I’ll see you soon.

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