Short Sales On Underwater Homes Better For A Credit Score Than Defaulting On A Home Loan

Many homeowners who have experienced an underwater mortgage have been very frustrated with the situation, which is understandable. When a homeowner owes more on their home than their home is worth it easy to see why some homeowners have sought help through principal reductions, refinancing, and any other form of mortgage assistance they can find.

However, homeowners have grown so frustrated in many cases that they simply walked away from their home loan and defaulted on their mortgage. Some homeowners were unconcerned with the damage this does to their credit score and felt that since their home is an investment and its value had declined to such a state where they were unlikely to ever regain anything, there was no reason for them to keep making mortgage payments.

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