Right now there are millions of homeowners who are struggling with their mortgage.
There are the homeowners who have had a financial setbacks, lost a job, experienced a business failure, or whatever and have fallen behind on their mortgages but there is also another class of homeowners who are so upside down on their mortgage that they may even consider that walking away is their best option. After all, it works best for the corporations, why shouldn?t an individual do what is best for their own personal finances also?
But whether is by circumstance, choice or even what may be construed as a lack of choice, a foreclosure and any of the other named options that basically result in the same thing can have an effect on your credit score.
But how much, how bad, and how long?
Check out this article that outlines the various options and how they could conceivably affect your credit. Struggling Homeowner?s Guide to Credit Score Consequences.
