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Struggling Homeowner's Guide to Credit Score Consequences

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Daniel Indiviglio over at the Atlantic walks readers through the ramifications for all the various options for ditching your mortgage on your FICO score. "If you're a struggling homeowner trying to determine which option would affect your credit score least adversely, there are three important points to remember. First, your best, safest, option is to keep paying. This is the only way you can ensure your credit score remains intact. Second, if you can't pay, then try to work with the government's foreclosure prevention program. At this point, a modification through that program will not impact your credit score, though that could change in the future. Finally, try to understand how your servicer will report whatever actions you are considering. Getting them to explain how different events will be reported might not be easy, but it's certainly worth trying."
SOURCE:   The Atlantic