The Pay or Go Calculator - to Default or Not to Default
Here is another sign of the times with regards to the concept of the “Strategic Default”. If you are underwater on your mortgage it would appear the lawyers are lining up to “help”.
I just ran into this website with it’s “Pay or Go” calculator. http://payorgo.com/
You plug in your numbers on what you owe and what you pay and it will tell you whether you should keep Paying or Go … walk away and trigger your “Strategic Default”
Is this the 2009 property specific version of “ambulance chasing”? I am certain this law firm could help you if you decide to “go” rather than keep paying. And this all begs the question is walking on your mortgage now socially acceptable. You be the judge and as one reader emailed me … “whether it is socially acceptable or not, the question of whether it is ethical remains.”
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Comments (5)
I haven't heard any ads about this in Austin...are these things still running?
Bryan Hancock, almost 14 years ago
I keep seeing this term come up in recent weeks 'Strategic Default' I can't say I'm against it, I do believe there are times where a 'Strategic Default' would make sense to me. I'm even very good friends with an extremely experienced mortgage broker who is looking to create a loan product for those that strategically default. Regardless of morals, some businesses will benefit greater by 'Strategically Defaulting' I would assume the same goes for homeowners. I would be willing to make a bet that the 'Chosen One' will create a new law forgiving all those that foreclosed and cleaned their credit slate anyways.
Nick J., over 15 years ago
I agree Joshua ... it is the same in my mind as the lawyers who put out the "have you been injured ... " TV commercials. Of course, if they help you walk away ... they are also first in line to take that troublesome property off the lenders hands. Good business if you can get it. Dike
Dike Drummond, over 15 years ago
There is nothing new here. Turn on the radio in Los Angeles. Law firms own the air waves about getting lenders to modify. It's the same deal here. A more interesting scenario is the "produce the note" one...
Mark Whittlesey, over 15 years ago
Wow . . . this was the creation of an attorney. Unbelievable!
Joshua Dorkin, over 15 years ago