While I agree with the reason FOR protesting, I can’t go along with not paying my mortgage as a form of protest. Just because other people get free toilet paper because they can’t afford their own anymore, doesn’t mean I’m going to a month without wiping my butt.
Ping!
A very responsible home-owner co-worker called his lending institution to get some relief (he works a full-time job and a part time job and has never been late or missed a payment), and they told him they could reduce his payment by about $200 a month by giving him a 40yr mortgage instead of the 30yr he now has.
Better to withhold tax payments till the bums in DC get the message.
Permission to forward, blog and bleve through the cyberworld?
As a responsible and ethical Human Being and Husband, I can’t sign on to this proposal.
Well, good luck with that.
But only a few sacrificial would actually have the guts to follow through, and Obama-Soros will see to it that they lose their houses as punishment.
Fat chance. Sorry.
This is a terrible idea with adverse consequences for anybody partaking in the protest of this manner.
Your credit score will be downgraded, and will remain on your credit report for 10 years.
This affects what interest rates you will be offered/charged on future purchases or credit lines.
hmmm .. there’s an idea.
Rather than not pay, just delay the payment until May 1. Make the Apr 1 payment a month late (along with the penalty), and the May 1 payment on time. Watch what happens to the cash flow juggling at the mortgage companies and banks. Don’t know if this minimizes the hit on my credit score. I’ll be current on the mortgage on May 1, still responsible. If this gets attention, maybe another withhold in Oct, when the Fed Fiscal Year starts.
No thanks. I don’t want to be as stupid and irresponsible as the 0bomination, no matter what the reason.
There's got to be another way of doing a protest. A way that won't bite back the ethical homeowners. If a payment is missed no matter what the reason, that would lower us to the same level as the deadbeats.
Maybe pay double monthly to finish paying the mortgage sooner? Just a wild thought.
A joke I assume.
Missing a mortgage is the quickest way to drop your credit score 100 points immediately.
And preclude you from refinancing for the next 12 months.
It's like picking up a gun to fight a battle, and pointing it at yourself.
No, I reject your proposal. You are promoting irresponsibility and a dishonorable action. Far better to honor your debts and present a good example of fiscal responsibility for those who desperately need one.
I’m not putting my credit in danger for a protest. No way in freakin’ hell.
The Due Date on my Mortgage is the first of the month. The late penalty is applied if the payment is received by the Bank on the 15th of the month.
If your payment schedule is the same as mine, just mail your payment 10 days later than usual, or pay it at the Bank Branch on the 14th rather than mail it in.
This way you made your point with no damage to your moral compass or credit rating.
Instead of skipping a payment, just ask for a deferment. If you’ve been reliable with your payments, most banks will allow a 1 month deferment in the case of emergencies. This allows you to legally skip a month without penalties and without it effecting your credit rating.
Ask for it early, as some banks will require the request in writing.