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Are Short Sales Really That Bad?

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  • Time4change | | 29 Aug 2012, 03:04 PM Agree 0
    You could use this same argument across the board . . . . the economic and housing collapse is unprecedented. As a result anyone who is late on any debt or forced to file bankruptcy due to job instability in particular should not have to live with seven to ten years of bad credit rating. Banks increased interest rates to high 20's for people who had never been late, thereby causing them more financial stress, adding fuel to the fire. Banks are ok now. Main street no so much.
  • ArMtgGal | | 29 Aug 2012, 08:27 PM Agree 0
    I agree that Main Street is still suffering. I think certain credit issues, like strategic defaults, should carry a heavier penalty on your credit socre. And a deficiency judgement! However, I disagree that a single life changing issue will lead to further defaults. And I know that the scoring models can be tweaked to reflect single events more favorably then they currently do. I think this is something that needs to be adddressed. We are letting some viable buyers that should be able to buy again walk away - maybe forever - because of our shortsightedness.
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