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The contributors to the Consumer Law & Policy blog are lawyers and law professors who practice, teach, or write about consumer law and policy. The blog is hosted by Public Citizen Litigation Group, but the views expressed here are solely those of the individual contributors (and don't necessarily reflect the views of institutions with which they are affiliated). To view the blog's policies, please click here.

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Monday, November 19, 2007

Comments

Aron

Thanks for providing the information.

John

Purchasing a new home to bail out on a mortgage that will soon be too expensive can often provide homeowners with additional benefits in terms of their credit, as well. With two mortgages, the late payments and foreclosure of the first house will not drag down the homeowners' credit scores as much as if they owned only one home. This can offset some of the devastating effects of foreclosure and allow foreclosure victims to obtain new credit in a much shorter time than if their only home was foreclosed. If homeowners understand the moral and financial consequences of such an action, this method of avoiding becoming a former homeowner can give families a great head start on the road to financial recovery despite a very recent foreclosure.
http://www.thejohnbeck.tv

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