This is one of the most important questions that is asked by a homeowner who is underwater on their home mortgage. Most homeowners face the fact that they're credit score will suffer somewhat when they get behind on their payments but they don't know how much their score will be affected. Maybe they tried to do a modification that didn't work out. Should they sell short? Give the house back as a deed-in-lieu of foreclosure? Or just walk away? For every owner that makes an effort to stay involved in the process, the damage on their credit report is less damaging than just walking away.
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How will mortgage troubles affect your credit score?
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