ST Alpha - "The disincentive is that your credit is ruined for seven years." (Reading a Post)

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Posts: 161

In response to "My biggest issue is people that are paying their mortgage but struggling qualify for ZERO of the government low interest programs." by Redmond

The disincentive is that your credit is ruined for seven years.

Posted by nubby, Astronauts champion (aka nubby) Aug 13 '09, 16:39

No other house, no car, maybe no new job.
Forget about credit cards.

Responses:

[deleted]
For 50K in loan principle wiped off the books forever, and a 2% 5 year fixed then 5.25% 25 year fixed. I bet you save more over the long run. - Redmond Aug 13, 16:42 2
- Then by all means. -- nm - nubby, Astronauts champion Aug 13, 16:43 1
  - I am in all honestly thinking about it. I have consulted with several people in the business to see all the plus and minuses. - Redmond Aug 13, 16:45
Unless the credit market is re-regulated, this - in some cases - means nothing -- nm - Beryllium (iPhone) Aug 13, 16:41

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