There has been a great deal of talk about the new plans to help home-owners in trouble with their mortgage. It seems unfair to the millions of us who have been paying our mortgages on time every month. I've heard several people say that they are going to stop paying their mortgage just so they can get their payments reduced too.
This is a short-sighted approach. If your mortgage is unbearable then you need to speak to your lender. However, if you are managing your mortgage but want a change on principle, please consider the repercussions.
If you stop paying your mortgage it will have a negative effect on your credit score. These days credit is even more important than ever. This will hamper your ability to apply for new credit, buy a car, and in some cases get a job.
The long-term preservation of your credit score is very important. People undersetimate the impact that a poor credit score can have on you. Even if you are not currently planning any purchases - the default of a mortgage or even several late or missed payments will negatively impact your score for years.
If you can, keep up with your mortgage, it will leave you in a better place financially in the long run.
If you or someone you know would like information about buying, selling, or renting a home in Prince George's, Montgomery, Charles, Calvert, Anne Arundel, Howard, and/or Baltimore Counties please contact Dr. Stacey-Ann Baugh of Century 21 New Millennium.
Dr. Stacey-Ann Baugh
Century 21 New Millennium
FINALLY! A DOCTOR WHO MAKES HOUSE-CALLS!
Information deemed reliable but not guaranteed!