Here’s an interesting article sent in by a blog reader about homeowners walking away from their mortgages.
“And while a mortgage default can savage a person’s credit record, trying to pay off a loan they can’t afford could be worse for borrowers if it leads to bankruptcy, said Craig Watts, a spokesman for the credit reporting firm Fair Isaac.
Credit scores are hurt much more by missing multiple payments – on credit cards, cars and so on – than by a single foreclosure. “
Read the full article here