I don't post alot about mortgage on here, mainly because I don't think I am qualified to give advice or provide any kind of strategic analysis of the market, etc. I mean, sure...I have been in the business for a long time (well, not LONG...but 8+ years), but I am NOT an expert by any stretch of the imagination. Luckily though, I am surrounded by lots of smarter people who I can tap for questions and such.
I saw this recent article on CNN and it really struck a chord with me. So many people are needing to take drastic measures in the face of layoffs, ARM adjustments, etc etc...it may be of help (or add to the nightmare) to consider how loan modifications and short sales can affect your FICO score.
Just something to think about. I know when you have your back against a wall, if you have to choose between a mediocre FICO and losing your house...the decision isn't really that hard. There are some people who deserve to have their FICO pummelled, and some people where it truly isn't their fault. I'll be interested to see how this shakes out over the next few years and how it affects the lending market in general.
Thoughts?
Becky
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