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To: cherrypitter who wrote (41107)3/30/2005 10:23:09 PM
From: Think4Yourself  Read Replies (1) | Respond to of 206209
 
I suppose you could just give back the house if you had somewhere else to live. What would that do to your FICO score, the interest rates on your credit cards, and your ability to get any kind of future loan for anything? What would that do to your vehicle insurance rates, which are also tied to your credit rating (at least they are in this state)? It's a totally different financial world in this bubble than it was in the last one.

What's the point in declaring bankruptcy if you don't get to keep your home? That's why most people do it in the first place. It also keeps all the above from happening. I claim bankruptcy is the better choice unless you are already rich and don't plan to use credit for a long time.



To: cherrypitter who wrote (41107)3/31/2005 8:59:24 AM
From: kollmhn  Respond to of 206209
 
I haven't had a mortage for a long time so, I'm may not be up to speed but when I last checked one signed a mortgage AND a personal bond (note). This helped the lender recover additional funds from the borrower in the event the collateral (house) didn't cover the mortgage.