Most creditors believe that people with high credit scores are the most responsible in keeping up with their monthly loan or mortgage payments as compared to those with low credit scores. However, a research of about 24 million people’s credit files have shown that among homeowners who apply for a mortgage and have a high credit score, there is a 50% probability that they will strategically default their mortgage. To strategically default on a loan is to suddenly walk away and not pay for a mortgage.

These people are those knowledgeable in the workings of these things, therefore knowing what it would cost them to just walk away from the mortgage. To them, it is more of a business strategy rather than a personal decision. They often reside in places where home values have plummeted since the economic crisis went underway. Unfortunately for them, should they plan to apply for a modification of the loan, the bank or lenders may not be as lenient to give them what they want, for fear that history will repeat itself. Consult a Texas credit attorney for further details.