Chat Plus

Real estate editor Maryann Haggerty and columnist Elizabeth Razzi respond to a question adapted from a recent online chat.

Silver Spring: Like other over-burdened mortgage-payers, my loan conditions stink but I keep up with them. I always thought the mortgage was the No. 1 bill to pay on time. This is probably an obsolete mentality. By stretching to pay my mortgage I am starting to defer some important maintenance and am racking up credit card debts. It certainly does cross my mind that I should skip a few payments and see if I can get better terms.

Elizabeth Razzi: We're hearing a lot of this sentiment from readers. Lenders and lawmakers say they are hearing it, too. And the desire not to turn foreclosure-prevention into an undeserved windfall for borrowers who recklessly overspent really is weighing on policymakers. The problem is, letting troubled borrowers take the full consequences of their bad decisions will drag down the whole economy. Foreclosures are causing responsible borrowers, such as yourself, to be hurt terribly by falling home values and lost jobs. The only way to help you is to help them by preventing as many foreclosures as possible.

Maryann Haggerty: Sure, it's tempting to turn away from your obligations. However, there will be consequences if you do. Those could include long-term damage to your credit rating, and untold bureaucratic hassle as you attempt to work through a maze of workout programs.

There has been talk of extending mortgage modification programs to borrowers who haven't missed any payments. Citigroup last month launched a program to do that in some regions facing economic stress. Other such programs may come along.

The next Real Estate Live chat will be 1 p.m. Friday.