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Fine, but those people are not going to be getting another loan any time soon.
by pault 9y ago
Fine, but those people are not going to be getting another loan any time soon.
- ajross 9y agoThey are, actually. The market is hot again, and banks aren't idiots: they know that people pay their mortgages before other debt, even if they have a foreclosure in their past. Walking away from an underwater loan (which is a rational decision that connotes good decisions in the future) doesn't actually hurt your credit in the same way that getting behind on your credit cards does (which is evidence for poor money management skills).