So you think you will Walk away from you home and the mortage attached to it...click on the link below to see the article..
A new way to predict the likelihood borrowers will default, even if they can afford their mortgage, just hit the marketplace.
FICO Labs, a unit of Fair Isaac Corp. [FICO]], is releasing new technology that helps lenders identify the probability of strategic default by looking at a borrower's credit score.
FICO reports that borrowers whose homes lost the most value are only twice as likely to default as those who lost the least value. Through its custom analytics, FICO is able to identify the riskiest borrowers, who are 110 times more likely to default than the average homeowner.
The riskiest 20% of borrowers in FICO research included 67% of those who later committed strategic default, the research firm said.
"Our new research shows it is possible for servicers to find those at greatest risk of strategic default, both to prevent losses and to prevent borrowers from making a decision that will damage their credit future," Jennings said.
BEFORE you Walkaway-consider doing a Short Sale ...
Summerlin Short Sale Agent, North Las Vegas, NV short sale agent
Originally posted at:So you think you will Walk away from you home
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