Strategic Default: Part 1 of 3

“Strategic default” is a conscious decision by a borrower to stop paying the mortgage(s) on a real property even though the borrower can afford the payment(s). It can happen for a number of reasons and is not a decision to be made lightly or without education about the legal, tax and credit consequences. We have counseled [...]

Reverse Mortgage Fraud

Last week’s Wall Street Journal carried an article about real estate scams targeting older Americans .  It said, “Reverse-mortgage fraud, typically committed by homeowners’ relatives, caretakers or financial advisers, has also been cropping up recently in schemes to unload distressed real estate. Regulators cite cases in which real-estate speculators bought properties on the cheap and [...]