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Reply #20: It's called cutting your losses.
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tinrobot
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Sat Sep-19-09 08:26 PM
Response to Original message |
20. It's called cutting your losses. |
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Edited on Sat Sep-19-09 08:28 PM by tinrobot
The people who get behind and still try to pay no matter what are at great risk of throwing away a lot of money. If the house gets taken back, they're out everything, including those payments they could barely afford.
People who walk away when they know they can't pay are simply smart enough to know when to cut their losses. It's probably why they had good credit to start.
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