Comments on: The Downside To Leverage http://www.justinmchood.com/2009/08/15/the-downside-to-leverage/ Justin McHood Sat, 28 Jan 2012 17:58:24 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Justin McHood http://www.justinmchood.com/2009/08/15/the-downside-to-leverage/comment-page-1/#comment-22 Justin McHood Thu, 20 Aug 2009 12:06:13 +0000 http://www.justinmchood.com/2009/08/15/the-downside-to-leverage/#comment-22 @Gary, I did my best at a full answer... thanks for making me really think about the question! http://www.phoenixrealestateguy.com/what-you-should-do-what-should-you-do/ Justin @Gary,

I did my best at a full answer… thanks for making me really think about the question!

http://www.phoenixrealestateguy.com/what-you-should-do-what-should-you-do/

Justin

]]> By: Gary http://www.justinmchood.com/2009/08/15/the-downside-to-leverage/comment-page-1/#comment-20 Gary Mon, 17 Aug 2009 20:06:40 +0000 http://www.justinmchood.com/2009/08/15/the-downside-to-leverage/#comment-20 Besides trying to maintain my credit score it's about keeping a contract I signed when taking out the mortgage, saying I would pay this back. Also by sticking to my commitments I would avoid the evil of falling behind on payments (which I understand is necessary to do a short sale) and the calls and harassment of people wanting the money I owe them. So how much is that worth? Besides trying to maintain my credit score it’s about keeping a contract I signed when taking out the mortgage, saying I would pay this back. Also by sticking to my commitments I would avoid the evil of falling behind on payments (which I understand is necessary to do a short sale) and the calls and harassment of people wanting the money I owe them. So how much is that worth?

]]> By: Justin McHood http://www.justinmchood.com/2009/08/15/the-downside-to-leverage/comment-page-1/#comment-19 Justin McHood Mon, 17 Aug 2009 17:06:10 +0000 http://www.justinmchood.com/2009/08/15/the-downside-to-leverage/#comment-19 @Gary, It is up to your current lender. I haven't heard of it being done, but I can say that anything is possible in today's world and it would be up to your lender. At some point, it is probably just an individual decision of "is it worth $X to preserve my credit score?" And obviously there are many factors that go into that decision such as how much the note would be for, how much your credit score matters to you, etc. But no matter what, choosing the "lesser of 2 evils" is no fun. Justin @Gary,

It is up to your current lender. I haven’t heard of it being done, but I can say that anything is possible in today’s world and it would be up to your lender. At some point, it is probably just an individual decision of “is it worth $X to preserve my credit score?” And obviously there are many factors that go into that decision such as how much the note would be for, how much your credit score matters to you, etc.

But no matter what, choosing the “lesser of 2 evils” is no fun.

Justin

]]> By: Gary http://www.justinmchood.com/2009/08/15/the-downside-to-leverage/comment-page-1/#comment-18 Gary Mon, 17 Aug 2009 16:57:31 +0000 http://www.justinmchood.com/2009/08/15/the-downside-to-leverage/#comment-18 If I'm upside down in my house, is there no way to get out of the house without damaging my credit? What about selling for what I can and having an unsecured loan for the balance of the mortgage? I've heard of that in other places, is that not an option in AZ? Thanks. If I’m upside down in my house, is there no way to get out of the house without damaging my credit? What about selling for what I can and having an unsecured loan for the balance of the mortgage? I’ve heard of that in other places, is that not an option in AZ? Thanks.

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