Foreclosure is to no one's benefit. I've heard estimates that mortgage investors lose 40 to 50 percent on their investment if it goes into foreclosure.
England must either lose her colonies or destroy them in the effort to hold them, and in either event there would be the same loss of trade, the same decay in manufactures, and the same destruction of national credit.
Foreclosures are a significant problem; they're an economic problem.
I generally encourage people to make good on debts when they have enough money to repay them. But once a delinquency has been reported to a collection agency, paying it off won't help your FICO score. The damage has already been done, and the blemish will remain on your credit report for seven years.
Social security, bank account, and credit card numbers aren't just data. In the wrong hands they can wipe out someone's life savings, wreck their credit and cause financial ruin.
By the time most people file for bankruptcy, their credit is already trashed, they have a high debt-to-income ratio - a key indicator lenders look at - and they've likely defaulted on more than a few accounts.
Foreclosure is nothing new. And it certainly will always be a fact of life for some.
If home ownership is the American dream, then foreclosure certainly is the American nightmare. It destroys more than credit. It destroys lives. And its effects are felt beyond the individual family that it devastates. It shakes our entire economy.
Don't try to stop the foreclosure process. Let it run its course and hit the bottom.
I finished my higher education deeply in debt and with seven years of bad credit in my future.
It's an open secret that if a debtor is willing to wait long enough, he can probably get away with paying almost nothing, as long as he doesn't mind hurting his credit score.
