So, should I stick with a failing investment, or should I sacrifice my credit score while saving a lot of money?
A few of my rail crews have been talking about exactly this problem. The conclusion they came to was to continue making the minimum payments on the $400,000 house and set in motion the plans to buy a $165,000 house (not that much different, now). Use the good credit to get the second house,
then let the first one go. Make regular payments on the second home and repair the credit rating.
Sue
That's what I'm thinking.
I know there are those out there who may see those actions as immoral. I don't. In the current system, banks treat me like I'm an enemy when all I want to do is modify/refinance to a lower rate. I have perfect credit and good income. Allowing people like me to modify to a lower rate would reduce the overall number of foreclosures, and would thereby save the banks money in the long run. They won't even let me modify at 80% loan-to-value. They're now requiring 70%, which is completely out of reach. They know this.
I played by the rules my entire life to get my high credit score. What do I get for it? I get "F-you go away". I can't even short sale right now because my payments are all caught up. Why should I continue to play by the rules in a system that hasn't kept their promise to me, and is even arrogant about it?
[/rant]
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