Quote:
Originally Posted by tandm  johnny~
your credit will hit the floor if you foreclose so would you be able to qualify for the $20k home? If so, no, I don't think you're crazy. But that's the question... you may not be able to get the loan for the less expensive version of your home because your credit's tanked. |
Not only that but Realtors in my area are saying that it is very difficult for people to buy second homes right now, regardless of credit score. I guess the banks are being very cautious because they are afraid of people doing just what Johnny suggested. They refer to this as "Jump and Dump".