Loan Blog

How Much Will Your Credit Score Drop With A…

Many times people will ask me “how much will my credit score drop if I have a short sale? What if I have a foreclosure?” and usually, my answer was something like “it will hurt your credit, but no one can really tell you exactly how much it will hurt your credit.” Until now.

Professor Tells Struggling Homeowners to Walk Away…

The more a homeowner is underwater on their mortgage, the more likely it is they’re going to walk way from their loan despite their credit score, as Justin McHood recently wrote here at Mortgage Loan Place . Now, a University of Arizona law professor has a controversial take on strategic defaults, going so far as to suggest that homeowners should default on their mortgages and not feel bad about it. “Millions of U.S.

Strategic Defaults: It Depends How Far Under Water…

The term “Strategic Default” has been actively reported on for the last few months as more homeowners who can afford their mortgage payment just “walk away” for various reasons. And the #1 reason they walk away is because they owe more than the home is worth. And according to the latest research, the larger the negative equity, the higher the chance of someone defaulting on their mortgage no matter what their credit score is.