This sentiment is quite unfortunate.  I often hear people who are feeling the financial squeeze and emotional toll when faced with foreclosures, that they tell me they're ready to throw the towell and let the lender take the property. 

Their argument becomes one of desperation, stating that they no longer care if their credit gets worse - "after all...how worse can it get?" they say.

So, when you say you've decided to let it go in foreclosure, do you mean you intend to do nothing and just let it go?  Well, consider the following:

If you're defaulting on your mortgage, even if you have two or more loans, I believe (take it with a grain of salt - I don't know how the FICO algorithm will ultimately score this), stopping payments on both will not worsen the effects to your credit score more than the foreclosure will. 

May 6, 2008 7:28 p.m. Is it time, at long last, to head down to Florida to start looking at homes?

Even as federal and state governments come under growing pressure to respond to the mortgage crisis, new data show that the pace at which mortgages are going delinquent is speeding up.

Listings for foreclosed homes are easy to come by these days. Real-estate agents, listing agencies and banks advertise tens of thousands of foreclosed properties in every state, and nationally an additional 1.5 million homes are expected to be foreclosed on this year, according to RealtyTrac, an online foreclosure marketplace.But for those just starting to browse, what do the different categories of listings mean?

LOS ANGELES (AP) – March 13, 2008 – Nearly 60 percent more U.S. homes faced foreclosure in February than in the same month last year, with Nevada, California and Florida showing the highest foreclosure rates, a research firm said Wednesday.

A total of 223,651 homes across the U.S. received at least one notice from lenders last month related to overdue payments, up 59.8 percent from 139,922 a year earlier, according to Irvine, California-based RealtyTrac Inc.

Nearly half of the homes on the most recent list had slipped into default for the first time.

According to an article in the Sun-Sentinel, Miramar is taking a big hit in the foreclosure crisis. Althought it is unfortunate for all those homeowners in that are, it is not too much of a surprise. The sub-prime or adjustable rate mortgages we more prevalent in the new construction being that there was a concentrated amount of homes for sale in those areas. If you're caught in this situation it is crucial to navigate through this situation.

PHILADELPHIA – Feb. 27, 2008 – Countrywide Financial Corp. has been reaping profits from “inflated, unverifiable or false” charges in foreclosure actions that threaten hundreds of thousands of homeowners, according to a lawsuit filed in federal court in Delaware.

The lawsuit, which seeks class-action status, takes aim at attorneys’ fees, property inspection charges and other assessments that mount up once homeowners run into trouble paying their loans. Lawyers for homeowners say Countrywide is collecting far more than what it costs to enforce its rights as a lender.

   LOOCKING FOR FORECLOUSURE OPPORTUNITIES IN BRICKELL KEY?IT IS NOW A BUYER'S MARKET  AND THESE WON'T LAST .DON'T MISS THIS ONCE IN A LIFE TIME OPPORTUNITY TO INVEST IN THE HOT MIAMI REAL ESTATE MARKET, WHETHER IN

It's not as easy as the infomercials make it look

By Alex Markels

CLEVELAND – Feb. 7, 2008 – Judge Raymond Pianka views his courtroom as the emergency room of the foreclosure crisis.

Weary of lenders and wholesalers who don’t show up to answer to housing code violations like unsecured doors and windows on foreclosed properties, he began holding trials without them.

He’s put 12 companies on trial in absentia and has fined most, leaving each unable to sell any properties in the area until it pays up.