I'm starting the strategic default process as of Feb 1, 2012. Currently my wife an I have excellent credit (in the high 700s) and have never missed a payment, been late on any of them and have multiple car loans and mortgages that have been paid off over the years.
My question is: Is there anything we can do to soften the blow of the missed mortgage payments (on the first and second) that will ultimately end up in foreclosure?
Ideas we had were to:
1. Spread or credit card debt across multiple cards instead of having all on one.
2. Open a new card (amex?).
Our goal is to have access to credit that we can regularly use and payoff to revive our credit faster. But also, knowing we won't approve for much of anything over the next few years we'd have plenty of "backup" if we needed.
I've heard of credit cards lowering available credit once the missed mortgage payments start showing up. Is there any truth to that, even if we are making payment on time?
Any insight is greatly appreciated!