Homeowners who choose to walk away from the home and stop payments altogether should expect their credit scores to fall 140 to 150 points, plus negative marks on their credit bureau files for up to seven years.
People filing for bankruptcy protection covering all their debts will get hit with an average 355- to 365-point drop in their scores. Bankruptcies remain on borrowers’ credit bureau files for 10 years.
Lets hope the number of our San Mateo County neighborhoods facing economic hardships dwindles away soon.
Click here to leaner about how credit scores are calculated
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Mark Martinho
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