6.10.2008

Jingle mail, jingle mail, jingle all the way

The WSJ:
Next month, Michelle Augustine plans to walk away from her four-bedroom house in a Sacramento, Calif., subdivision and let the property fall into foreclosure. But before doing so, she hopes to lock in the purchase of another home nearby.

"I can find the same exact house as what I live in right now for half the price," says Ms. Augustine, 44 years old, who runs a child-care service out of her home. She says she soon will be unable to afford her monthly payments, which will jump to $4,000 from $3,300 in August, and she doesn't want to continue to own a home that is now worth $200,000 less than what she paid for it two years ago.

If you're significantly underwater on your house, do what Michelle is doing. Is protecting your FICA score really worth losing hundreds of thousands of dollars? Once you buy a new house for half the price of your current house, who gives a shit about your FICA score anyway?

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