9 ms·
Here’s one example. In 2012 my home was worth much less than the mortgage. I live in a no recourse state and strategically defaulted. I paid cash for a condo
by skh 8y ago
Here’s one example. In 2012 my home was worth much less than the mortgage. I live in a no recourse state and strategically defaulted. I paid cash for a condo. I didn’t default because I couldn’t pay, I defaulted because it didn’t make economic sense to keep paying.
- jklein11 8y agoIn retrospect was it worth the impact to your credit score?
- skh 8y agoI’ve never cared about my credit score. I think for a lot of people they obsess too much about it. In my case the score went from 800 to 750. At least according to my credit card. If you are able to pay bills on time and otherwise be responsible credit score doesn’t need to be a focus of concern.
- tempestn 8y agoI'm extremely surprised that defaulting on a major loan had that little impact on your credit score!