Can't Make the Mortgage Payment? Just Walk Away?

 

More and more borrowers are watching their house values sink while the cost of their loans skyrockets.  What to do?  It appears that some are opting to skip out on the mortgage all together.

 

Homeowners are abandoning their homes and, more importantly, their mortgages, rather than trying to keep up with rising payments on deteriorating assets.  So many people are handing their keys back to lenders that a new term has been coined for it:  "Jingle Mail."

 

Current lending practices have created an environment where a measure as extreme as abandoning a home actually makes sense to some people.

 

Many home buyers put little or no money down, so they don't have much invested in them.  This leaves them with little incentive to keep making payments when a home's market value dips below the balance of the mortgage.

 

The most serious consequence is a tremendous hit to credit scores.  But for some, that's better than throwing away money they'll never recover by selling their home.

 

Credit scores are hurt much more by missing multiple payments - on credit cards, cars and so on - than by a single foreclosure.

 

According to Craig Watts, a spokesman for the credit reporting firm Fair Isaac, "The time it takes to regain your credit score [after foreclosure] can be shorter than after bankruptcy."

 

Lenders are afraid that borrowers may find it's worth the hit to their credit scores, if they can drastically reduce their housing expenses.  Someone with good credit and a $600,000 home in a town with sinking real estate prices could buy a similar house nearby for $400,000, and then let the other $600,000 mortgage go into foreclosure.

 

Now, skipping out on a home is easier, thanks to the Mortgage Debt Relief Act of 2007.  Previously, if a bank sold a foreclosed home for less than the mortgage balance and it forgave the difference, the borrower had to pay tax on that difference as if it were income.  Now the IRS will ignore it.

 

Here's a brief CBS News 60 Minutes clip that shows this is really happening (Clip only runs 1:10)

 

 

Leave us your comments on this article and the video below… we'd love to hear your thoughts on this topic.

 

 

 

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A Great Blog for Travel Questions

 

Yes, we realize our blog here is supposed to, and is, 99.5% about real estate related matters, however, polls show that over 72% of the American publc does fly at some point in time, so we thought we'd pause momentarily from telling you about real estate to tell you about a great new blog the TSA has started to answer questions from us, the flying public, about why they do some of the things they do at screening checkpoints around the country.

 

Polls also show that the TSA is one of the least liked govenment agencies, but this agency is tasked with making sure our airports and skies are safe.  To combat the less-than-stellar image they maintain, the TSA has started a blog, answering common questions.  We found the blog very informative and some of their responses to reader questions very enlightening.  Some of the posts the TSA are putting up there might just change your attitude the next time you fly.

 

You can also post questions or comments there yourself.  Take a look at what others have written, it's a very informative read.  http://www.tsa.gov/blog

 

 

 

Atlanta Housing Slump? Homeowners Don't Believe It

 

Despite numerous reports showing home values in historic decline, more than three out of four homeowners believe their own home has not lost value in the past year, according to an online survey.

 

The survey was conducted by Harris Interactive for Zillow.com, a Web site that gives estimated home values.

 

The survey of 1,619 homeowners found 36% believe their home has increased in value, and another 41% believe their value has stayed the same. Only 23% believe their home has lost value.

 

Figures from the National Association of Realtors show that the median price of an existing home sold in 2007 fell 1.4% from 2006, the first decline in that key price measure the trade group has ever recorded.

 

We'd love to hear what you think.  If you're a homeowner, do you feel that your home has decreased, or increased, in value?  Leave us your comment at the "comment" link below.

 

 

 

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