Sunday, March 16, 2008

New Term For The 2000's Jingle Mail

Jingle Mail is when you're so fed up with a rising mortgage payment and dropping property value that you say screw it and mail the keys to your mortgage company. It's sad that this is now a known term to most Americans. Walking Away From Your Mortgage will most certainly result in a foreclosure on your credit report and will make it extremely difficult to buy a home in the future. It may also make it hard to rent a decent house or apartment if the landlord views the foreclosure as a serious enough event to deny your application. Jingle Mail sounds nice but in reality it could cause more problems than it solves. With the growing list of programs designed to help those in mortgage trouble restructure walking away from a mortgage should certainly be your last resort.