In our present economy, the terms foreclosure, short sale, and deed-in-lieu of foreclosure have become more commonplace. More and more homeowners strapped with homes that they simply cannot afford are making the tough decision to default on their mortgage obligation. Although such a decision solves an immediate problem, the echo of a mortgage default or foreclosure can go well beyond a simple hit to your credit score. Beyond the obvious drop in FICO score and nasty line item on your credit report, the actual impact of these events in the eyes of future creditors needs to be understood.Tuesday, August 10, 2010
What Is The Best Way To Default On Your Mortgage? - Part II
In our present economy, the terms foreclosure, short sale, and deed-in-lieu of foreclosure have become more commonplace. More and more homeowners strapped with homes that they simply cannot afford are making the tough decision to default on their mortgage obligation. Although such a decision solves an immediate problem, the echo of a mortgage default or foreclosure can go well beyond a simple hit to your credit score. Beyond the obvious drop in FICO score and nasty line item on your credit report, the actual impact of these events in the eyes of future creditors needs to be understood.
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