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Strategic default – in which a homeowner simply walks away from a mortgage – is on the rise.

In a Chicago area survey last year, 30 percent of homeowners who defaulted on their home loan were able to afford payments but chose to walk away.

Usually borrowers choose to walk because they owe more on their house than the house itself is worth. With real estate prices in Chicago continuing to fall, homeowners are realizing they won’t recover value anytime soon and some are getting out now in order to save money.

But defaulting on a mortgage is not without consequences. Walking away damages credit, decreases your chances of qualifying for future loans, and comes with the risk of being pursued in court by lenders. Maybe most significantly, though, defaulting on your mortgage does nothing to lower your debts.

By filing for a Chicago bankruptcy, homeowners can keep a roof over their heads while freeing up more money for the mortgage each month.

Part of the problem is the mortgage system, according to a recent MSNBC.com article.

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Tags: Mortgage

Hey check this out, it is a way to get your mortgage paid for an entire year. By Mark Hachman

Adzookie, a free advertising network for mobile devices, said Tuesday that the company will pay your mortgage if it can paint your house with an ad for the service.

The site is taking applications at its PaintMyHouse site.

Like Adzookie itself, the promotion is an ad, explained Mark Oskorus, the company’s vice president of marketing. The budget for the promotion is just $100,000, some of which will be used up in painting the houses with advertising and then repainting them their original colors when the customer opts out or the promotion ends.

Depending on what happens and how much business it brings back to the site, the promotion may be extended, Oskorus explained.

Adzookie is just one of a growing number of mobile ad networks. On

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Tags: Mortgage, Mortgage Ads

Mortgage calculator helps to estimate the value of real estate done with the help of online mortgage calculators available. Mortgage analysis is done with the help of calculator which get the complete estimate over different mortgage dealings, payment schedules, compare costs, interest ratings etc.

Working of Mortgage calculator:

• A general analysis on mortgage
  • Choose which mortgage loan is preferred?
  • To choose an adjustable rate mortgage or not.
  • Fixed or balloon payment?
• Balloon Mortgage: For a balloon payment you will pay it off or refinance for every 5 or 7 yrs. Interest rate and ARM will change on daily basis. They leave a balance due to maturity. The final payment is called the balloon mortgage; this may be either fixed or adjustable rate mortgage.
• Determining a correct home loan or the mortgage interest is done effective with a comparison over one another.

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Tags: Comparative Calculation, Mortgage

Looking for the best mortgage? For most people a mortgage payment is the largest monthly expense that consumes most of their monthly salary. Because it is such a large financial obligation, it is crucial to get the best mortgage deal in town. Failing to obtain the right mortgage will end up being very costly in the long run. You need to be aware of all your options and enlist the help of experts in this field.

Obtain the Best Deal that you can

It is extremely important that you select the right mortgage loan keeping in mind how much you can afford. An independent mortgage broker can help you find the best mortgage deals on the market. Mortgage brokers have access to the entire mortgage market and are up-to-date on the lowest mortgage rate deals. Even if you have been declined before or have poor credit rating, you may still be able to secure a decent mortgage loan.

Mortgage Brokers can help

Mortgage brokers do not give you loans but they will help you find a lender that matches your circumstances.

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Tags: Best Mortgage, Mortgage

2010 is almost here and while getting mortgage in upcoming year will be easier than in 2009, getting a good mortgage could be more difficult than you expect. One thing to get out of the way is the persistent rumor that with economy improving, interest rates will rise. If you are firmly set on getting mortgage in 2010, this should be the least of your concerns, as long as your income is secure. Economy is not improving and the government will do everything in its power to keep rates low for two reasons. First, to continue subsidizing housing market which is not recovering, contrary of what you are being told. Second, to keep U.S. dollar weak to spur demand from overseas for U.S exports. Actually, with the American consumer lacking any significant buying power, exports and cheap dollar will be the only bright spots. So those of you, looking to buy a house in 2010 should be less concerned with what our inept government will do to the interest rates, than with how to put your financials together to get the best possible mortgage rate, either for buying or refinancing.

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Tags: Getting Mortgage, Mortgage