If your home goes into foreclosure it will have a negative impact on your credit score. However, the nature and extent of the negative impact may be different than what you believe it to be. When a financial institution brings a foreclosure lawsuit related to a mortgage default, the institution will normally report to the credit agency there is a … [Read more...]
Strategic Defaults
Walking Away From Your House Strategic default is the new concept in how homeowners are dealing with mortgages on homes that are underwater. A strategic default is simply when you stop paying your mortgages . Many homeowners are considering strategic defaults on their mortgages. It is estimated that over eleven million homes are now underwater … [Read more...]
Warren Buffet’s Advice: Buy a Home You Can Afford, Not Your Dream Home
Warren Buffet is the third richest man in the United States. He is a very frugal man. He purchased his home in 1958 for $31,500. It is a 6,000 square foot home. He still lives in it! In a recent interview, he stated, “our country’s social goals should not be to put families into the house of their dreams, but rather to put them into a house that … [Read more...]
