Posted by rgoodwin on 11th of Jan 2010 at 07:09 pm
No. Obviously if you wait until you lose a home to foreclosure,
you are going to kill all chance of getting another mortgage for
many years. BUT if you were to purchase a second home, THEN let
your existing go to foreclosure, you have "beat" the system. I know
a few folks that have indeed done just that. Fo course paying cash
for a home may be an option as well.
saturn6
mortgages
Posted by rgoodwin on 11th of Jan 2010 at 07:09 pm
No. Obviously if you wait until you lose a home to foreclosure, you are going to kill all chance of getting another mortgage for many years. BUT if you were to purchase a second home, THEN let your existing go to foreclosure, you have "beat" the system. I know a few folks that have indeed done just that. Fo course paying cash for a home may be an option as well.
rgoodwin...
Posted by saturn6 on 12th of Jan 2010 at 03:25 am
This is interesting...
http://www.businessinsider.com/how-to-walk-away-from-your-mortgage-2010-1#the-basic-calculation-1
Plus,you now get a 6500.00
Posted by shamutooth on 11th of Jan 2010 at 07:45 pm
Plus,you now get a 6500.00 credit when you buy another home to move into. I wonder how many people take the credit and default on the first home.