It has been reported that in the United States there are \u00a042.4 million people (approx. 25%) whose credit scores (FICO) are below 599, \u00a0in comparison with the 25.5 million (approx. 15%) whose scores were below 599 before the meltdown.\u00a0 Add to that the fact that 26 million people are out of work with many foreclosures pending and you can see where this is going.<\/p>\n
There is a difference\u00a0between people who were unwillingly placed a situation that caused them to\u00a0make a choice between paying their bills\u00a0or feeding their family, \u00a0and those who chose to “strategically default” on their loans.\u00a0 Strategic defaulters are people who can afford to pay their bills but choose not to.\u00a0\u00a0\u00a0They know their credit scores will be affected and the make their plans ahead of time to compensate for their diminshed scores.<\/p>\n
Not everyone who defaults on a loan has a choice;\u00a0and I feel they should be given special consideration once they are back on their feet and capable of making payments.\u00a0 Their credit scores should not be treated the same way<\/p>\n
These are just my thoughts as I consider the situation we are in right now. As\u00a0a Realtor I know that there are a lot of people who deserve a second chance.\u00a0 Financial reform has to happen and\u00a0it has to happen sooner than later or there will be a lot\u00a0of people\u00a0unable to buy a home any time soon.<\/p>\n","protected":false},"excerpt":{"rendered":"
It has been reported that in the United States there are \u00a042.4 million people (approx. 25%) whose credit scores (FICO) are below 599, \u00a0in comparison with the 25.5 million (approx. 15%) whose scores were below 599 before the meltdown.\u00a0 Add to that the fact that 26 million people are out of work with many foreclosures<\/p>\n