make WWAY your homepage  Become a fan on facebook  Follow us on twitter  Receive RSS Newsfeeds  MEMBERS: Register | Login

Owners walking away from homes

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.

Disclaimer: Comments posted on this, or any story are opinions of those people posting them, and not the views or opinions of WWAY NewsChannel 3, its management or employees. You can view our comment policy here.