What is jingle mail?
The Bankrate.com financial term of the day is: "Jingle Mail"
Hear the term "jingle mail," and you might think of Christmas. However, jingle mail isn't very merry. It refers to house keys mailed to a lender by a homeowner who has fallen behind on mortgage payments and is facing foreclosure. The person moves out and drops the jingling keys in the mail, somehow thinking that's the best way to deal with things. But the lender still forecloses on the property, and the borrower's credit report takes a hit.
Jingle mail, jingle mail -- jingle all the way to terrible credit score.
To find a great rate on a home loan, visit the Mortgages section at Bankrate.com.
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