Homeowners who take the path of strategic default on their mortgage go from having a perfect payment history to making no mortgage payments at all. Most financially distressed people try to keep up with their mortgage payments at the expense of other bill payments.
Some experts think that home prices have hit bottom now while others are forecasting that the bottom won't truly been seen until at least the second quarter of 2010. While so many home owners are struggling to decide what the best way to deal with their underwater mortgages, many people are watching the trends very closely right now.
Officials have to come up with an effective plan to help borrowers with troubled mortgages. As the government search for ways to deal with this crisis, there is actually a better way to avoid property foreclosures.
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