Quote:
Originally Posted by Wookie
I don't think so. In fact a mortgage doesn't even go on your credit report. I'm pretty sure you can just walk... then go buy another house.
Possibly part of the reason we're seeing this.
"hmmm, my house "a" ($80,000) is now worth 20% less than my mortgage ($100,000), I'll walk away, get house "b" for ($80,000) and save $20,000 or wait even longer and pay $70,000.
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As far as i know that USED to be the case. Mortgages now do show on credit reports. If you default i believe it does reflect as a bankruptcy.
For example I know when people hand in there car keys because they can't make payments on the loan, it does show as a bankruptcy on file.