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It's Usually Not a Good Idea to Walk Away from Your Mortgage
PMI Mortgage Insurance ConsumerFeature
Fully produced report in MP3 format:
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(60 seconds)
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READER SCRIPT
(DOES NOT FULLY MATCH AUDIO)
AS MANY HOMEOWNERS STRUGGLE WITH BOTH THE RECESSION AND DECLINING HOME-PRICES, MORE OF THEM ARE THINKING ABOUT WHETHER OR NOT THEY SHOULD CONTINUE PAYING THEIR MORTGAGE. BUT, NO MATTER WHAT YOU MIGHT HEAR FROM FRIENDS AND RELATIVES, WALKING AWAY FROM YOUR MORTGAGE--WITHOUT A FULL UNDERSTANDING OF THE IMPLICATIONS--IS USUALLY NOT THE BEST ANSWER. ACCORDING TO P-M-I MORTGAGE INSURANCE, TAX-LAWS STILL FAVOR HOMEOWNERSHIP, OVER RENTING--ESPECIALLY FOR THOSE IN HIGHER TAX-BRACKETS. ALSO, DEDUCTING MORTGAGE-INTEREST AND PROPERTY-TAXES MAY REDUCE YOUR OVERALL TAX-BURDEN--AND MAY LET YOU KEEP MORE OF YOUR INCOME. YOU SHOULD AVOID FORECLOSURE, AS IT DAMAGES YOUR CREDIT--WHICH IS BOTH A VALUABLE ASSET, AND AN IMPORTANT PART OF FUTURE WEALTH-CREATION. WALKING AWAY FROM AN OBLIGATION LIMITS YOUR LONG-TERM PROSPECTS FOR SECURING FUTURE LOANS. IN FACT, IT CAN TAKE MANY YEARS TO REBUILD YOUR CREDIT-RATINGS. IT'S ALWAYS BEST TO FIRST TRY AND WORK WITH YOUR MORTGAGE-LENDER, IN AN ATTEMPT TO CREATE A PLAN THAT BOTH WORKS FOR YOU AND SAVES YOUR HOME. TO LEARN MORE, VISIT "HOME-SAFE-P-M-I"-DOT-COM.
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