"Jingle mail" is a term that is used to describe a situation in which a homeowner mails the keys to their house back to the mortgage lender. When this occurs, the individual is typically behind on their mortgage payments and does not have much equity in the property.

The homeowner most likely views the home as a "lost cause" and does not want to try to continue making the mortgage payments any longer. 

When a homeowner is upside down on their home mortgage, one of the options that they have is to walk away from the deal. When you are upside down, it locks you into the home and you cannot sell or refinance. If you need to move to another area or a different property, one of the few options that is left is to walk away from the property.

In many cases, borrowers look at the situation as an opportunity to get a fresh start and find another place to live. Sometimes, this might be the best option for individual homeowners depending on their unique situation. Instead of waiting on the market or their own financial situation to improve, they can speed up the process. 

blog comments powered by Disqus