Save The Naugas! » Foreclose http://savethenaugas.com/blog Don't Hide, Come Stay at the Naugas Resort! Tue, 20 Jul 2010 15:55:24 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 Foreclose the Naugas Inn? http://savethenaugas.com/blog/2010/02/05/foreclose-the-naugas-inn/ http://savethenaugas.com/blog/2010/02/05/foreclose-the-naugas-inn/#comments Sat, 06 Feb 2010 01:04:40 +0000 admin http://savethenaugas.com/blog/?p=175 We had a lawyer visit yesterday, to discuss whether he should do a strategic forclosure of the Naugas Inn. The lawyer said that the savings from not making mortgage payments would be “very, very significant.’

The idea of a strategic foreclosure is that you quit paying the mortgage, then invite the bank to take over the real estate. They don’t want it, so you are able to negotiate a workout and pay less on the mortgage.

The idea of saving money on the mortgage is certainly interesting, and perhaps a strategic forclosure is the best course of action.

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