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Loan Modification

: Mortgage Lender Implode-o-Meter

Forget the Mortgage, I'm Paying My Credit Card Bill

By Implode-Explode Heavy Industries

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"Before the housing crisis, bankers typically operated under the assumption that homeowners would do whatever possible to remain current on their mortgage?even if that meant falling behind on other bills. "It used to be that the mortgage was sacrosanct," says Keith Gumbinger of HSH.com. "You paid it before anything else." But a combination of factors linked to the current economic mess?falling home prices, high unemployment, and tight consumer credit?have lead many consumers to prioritize credit card payments above mortgage bills."

Full post as published by Mortgage Lender Implode-o-Meter on February 09, 2010 (boomark / email).

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