Should You Walk Away from Mortgage Debt You Can’t Afford?
If you’ve been struggling to keep up with mortgage payments for a while and simply can’t afford your home loan, walking away from your mortgage may be a last resort. In the wake of the recession, millions of Americans have had to give up the American dream of living in their own house and have […]
Reasons Why People Consider a Strategic Default
If the effects of the recession have left you with a home or condo that is worth less than the amount of your current mortgage balance, you may have considered a strategic default. A strategic default is when a borrower decides to default on their mortgage – basically refuses to make payments – and walks […]
Strategic Default: 7 Things Homeowners Are Doing With the Money they Save
We keep hearing a lot about strategic defaults and about how people are increasingly walking away from their homes because they see them as bad investments. Up until now, a fairly clear picture has emerged of the profile of the average strategic defaulter. Research shows that these individuals typically have better FICO credit scores, larger […]
How Will a Strategic Default Impact My Credit Score?
If the effects of the recession have left you with a home or condo that is worth less than the amount of your current mortgage balance, you may have considered a strategic default. A strategic default is when a borrower decides to default on their mortgage – basically refuses to make payments – and walks […]
Which Debts Should You Stop Paying
Q: For the first time in 22 years I can’t make my mortgage payment. It will get paid via a little help from the mortgage company but I am very concerned. I am living in the red by about $400 each month. When do I say enough is enough and stop paying certain creditors to […]