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Defaults rising on even modified mortgages
Posted on 12/8/08 at 12:20 pm
Posted on 12/8/08 at 12:20 pm
1
Posted on 12/8/08 at 12:26 pm to crazycajun08
Yeah, if a borrower couldn't afford the payment under the old terms, who is to say they can afford any new mortgage? Who is to say that it is the mortgage payment that they are having trouble making? What about their credit card balance? Car loan or car lease payment?
This post was edited on 12/8/08 at 12:46 pm
Posted on 12/8/08 at 12:36 pm to Chicken
quote:
Yeah, if a borrowed couldn't afford the payment under the old terms, who is to say they can afford any new mortgage? Who is to say that they stop at them being able to make their mortgage payment? What about their credit card balance? Car loan or car lease payment?
exactly. Frankly I would keep paying my credit cards and car loan before my mortgage, especially if you are underwater.
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