Consumers Put Credit Card Debt Ahead of Mortgage — New York Real Estate

Consumers Put Credit Card Debt Ahead of Mortgage

by Raja Tayeb on November 4, 2010

consumer debt

A panel on consumer debt at the Mortgage Bankers Association’s annual convention discussed the changing mentality that has resulted in credit cards being paid before mortgages, even among prime borrowers.

Experts addressed how real estate defaults affect credit differently, noting that a short seller would be able to buy another home in two years while a foreclosed borrower would have to wait much longer.

Panel members said the use of technology to account for changes to a loan accord could enhance borrower credit reporting as well as the role of borrower income in determining a person’s willingness and ability to pay.


Source: National Mortgage News, Austin Kilgore 11/01/2010

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