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Who is more likely to walk away from a house and a mortgage — a person with super-prime credit scores or someone with lower scores?


Hint: It's probably not who you think. New research using a massive sample of 24 million individual credit files has found that homeowners with high scores when they apply for a loan are 50 percent more likely to "strategically default" — abruptly and intentionally pull the plug and abandon the mortgage — compared with lower-scoring mortgage borrowers.

Experian, one of the three national credit bureaus, teamed with consulting company Oliver Wyman to identify the characteristics and debt management behavior of the growing numbers of homeowners who bail out of their mortgages with none of the expected early warning signs, such as nonpayments or late payments on other personal debts.

With foreclosures, delinquencies and loan losses at record levels, strategic defaults and walkaways are among the hottest subjects in residential real estate finance. Unlike earlier academic studies, Experian and Wyman had the ability to tap into credit files over extended periods of years to identify patterns associated with strategic defaults. complete story

Source: tampabay.com - Kenneth R. Harney

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Posted by Real Estate - Associates on September 20th, 2009 1:13 PMPost a Comment (0)
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