Las Vegas Mortgages Creating “Run-Aways”
June 3rd, 2010 by The Property Lover 
33 Comments The Property Lover Here!
Once again we will be graced by this news update from our very own: TomLasVegas
Walking away from a Las Vegas mortgage you can still afford to pay has consequences; everyone knows that. Your credit score is shot and it can be impossible to get credit.
Some Las Vegas homeowners, no doubt, believe that the credit score hit is worth getting out from a deeply underwater mortgage. They may owe, say, $500,000 when their Las Vegas house is only valued at $350,000. And, they figure, there’s no way it will ever be worth what they owe so it’s better to get out from underneath the burden.
After default, they reason, they can raise their FICO scores by paying all their bills on time and eventually finance another home purchase.
Don’t count on it.
While homeowners who default due to economic hardship, such as a job loss or divorce, normally must wait two to five years before buying a home again, walk-aways may face double that time.
“It could be well over seven or eight years before walk-aways are able to obtain a mortgage to buy a home again,” said Jay Brinkmann, chief economist for the Mortgage Bankers Association.
Looking forward to more news breaks!
Until next time…
The Property Lover
TomLasVegas
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Tags: Las Vegas foreclosures, Las Vegas house values, Las Vegas Housing, Las Vegas Mortgages
Posted under: Las Vegas Mortgage Corner, Las Vegas Real Estate News, News
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