We have decided to do a strategic default with the plan being to delay foreclosure as long as possible and then do a short sale. The mortgage on our home is $275K 1st, $53K HELOC and the current value of the house is around $180K.
I don't want to screw this up and I'm too exhausted to try to figure this mess out alone, so I am hiring an attorney.
I have meet with third attorneys to discuss the case. The attorney I will most likely work with charges a $1500 retainer, plus $300 a month for foreclosure defense.
Is this reasonable? From what I have found on this forum, it does seem reasonable, but I am looking for feedback to validate my decision.
Also, I just missed our first house payment and I are planning to wait until I receive written notification from my lender, Wells Fargo, that they would be pursuing foreclosure before hiring an attorney. Is this foolish or reasonable? My delay in hiring an attorney is strictly a financial decision as I am unemployed and struggling financially...
Just as a FYI - I live in South East Florida - Broward County.
Thank you for your feedback.