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Strategic mortgage default in New York
Anonymous5 views3 answers
My home, with only a primary mortgage, is about $50K underwater. I am considering strategic default, living in the home until they evict me, and then moving overseas for early retirement. I have about $90K in savings and over $300K in 401k and pension cash balances. Can the bank come after my savings, 401k, or pension?
You will want to seek NY licensed counsel. Also, Google FHFA and strategic default and look for the recent news on federal criminal investigations into strategic defaults.
Planning is crucial. Find yourself an experienced local attorney and discuss your goals. Depending on specific circumstances, you can design a plan to accomplish your goals.
Be careful, New York is a recourse state. Meaning, your mortgage company can take action (recourse) against you to recover any deficiency brought on by your default.
I hope this helps.
Respectfully,
Steven A. Leahy
www.chicagotaxteam.com
