Quote:
Originally Posted by AGDee
If you can buy a new house with cash, it is apparently as stopping payments on your mortgage. I know people who have just rented other living accommodations and let their house go too.
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If you buy a house cash, I guess it doesn't show up on your credit report...? I guess if you got really creative about it, another person could buy it so it doesn't show up as an asset.
The people I've known who have filed foreclosure (Southern California--they just bought more house than they could afford, nothing to do with the housing boom) had apartments lined up a few months before the bank swooped in.
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