Homeowners "Underwater" with their Mortgage in Tampa Bay
By Stephanie LeFew, Making Real Estate Easy for You-It's all about You
(Coldwell Banker, Tampa FL)
Your options: Keep paying or try to change your loan's terms.But some people wonder, what if I just stop paying the mortgage? It may be a tempting idea, but it quickly leads to trouble.Here's what could happen if you don't pay the mortgage.Credit bureauIf your payment does not arrive, your lender or servicer will report this late payment to the credit bureau by the first day of the next month. This will put a negative mark on your credit report and your credit score will drop.The late payment report whacks your credit rating. Your credit score starts to drop, by up to 200 points, if this is your only late or missed payment.Cards are closed, rates riseIn the next 30 days, you can expect your other creditors to notice the late mortgage payment and to take action. They can raise your inter...
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