Despite a recent uptick in the real estate market, both residential and commercial real estate owners continue to feel the after effects of the previous bubble. Many properties have failed to rebound to the values at which they were purchased, and thus have become impossible to refinance. This has led to further foreclosures, and, when
Homeowners answer with a fairly common refrain whenever asked why they are considering going the short sale route. While it is true that some feel they have a duty to try and honor their agreement with the lender, the most common answer by far is that they want to salvage whatever remains of their credit score.
While we do not want to patronize our readers, we think it would be a valuable exercise to briefy discuss what a credit score is.
As Atlanta and the State of Georgia enter the fifth year of the residential mortgage meltdown, one would hope that information about the options available to troubled borrowers would be widely available. Unfortunately, based on the calls received by our office, borrowers seem no better educated than they were in 2008.
Three factors figure heavily in the dearth of useful information available to borrowers.