Defaulted Home Loans
I have friends who bought a home in Phoenix when the "boom" was going on and their house was at an inflated rate. Since then, their house price dropped 30%. They are thinking of purposely defaulting on their mortgage so they can either buy a home (really fast before their credit score drops), or rent one for significantly cheaper and closer to work. Not only do I think this is the dumbest idea on the planet ruining your credit on purpose, but I need help convincing them of other alternatives... So on that note, I have a few questions... can the bank garnish wages until the mortgage is paid? can you get a home after defaulting on a mortgage? would a mortgage default on your credit be more severe than a credit card?