The financial drawbacks of going through a foreclosure, along with the psychological devastation can create significant turmoil for the individual who chooses that path.  We have always heard of how bad the “F” word really is…

Here are some of those drawbacks:

* The right of home ownership is stripped away.

* Homeowner returns to the rental market as a renter.

* The bank may post a notice of public sale on your front door.

* Your credit takes a nose dive, and a foreclosure will stay on your credit report as well as the public record for up to 10 years.

* Under Fannie Mae guidelines, without extenuating circumstances, you will not be eligible to get a  home mortgage for at least 5 years.

All the above are financially and can be emotionally devastating…but what about “Strategic Default”?…the latest buzz word.  This is a concept where you choose to go through the foreclosure process, accept the credit issues in light of how far upside down you are.  You have the capability to rebound quickly through various portals…an empowering thought…