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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

Written by Keith Byrd - Go to Keith's Website/Profile