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Owners walking away from homes

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With mortgage payments through the roof and house prices dropping, some homeowners are simply walking away from their homes. More homeowners are making a drastic decision as they watch the values of their homes sink. Many borrowers are simply abandoning their homes and mortgages rather than trying to keep up with rising payments -- according to the Mortgage Bankers Association. A new term has been coined for it: jingle mail. It's estimated that more than 5 million people have negative equity in their homes -- in other words it's worth less than their mortgage. Defaulting on a mortgage can have terrible consequences on your credit record. Though the experts differ about whether foreclosure or bankruptcy has a worse effect on your credit score.

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