What happens if I stop paying the mortgage for my house in Phoenix,AZ?

Not paying my mortgage will help to negotiate lower payments?





I have already try to negotiate give me lower payment but was not successful ( they only reduce my payment $50 per month). I do not want to loose my house, but have a really hard time and can not afford the payments at this time.What happens if I stop paying the mortgage for my house in Phoenix,AZ?
Not paying your mortgage to gain some leverage in order to reduce your payments is a VERY dangerous game to play. Have you attempted to refinance your mortgage at a lower rate to lower your payment? Have you considered the Making Home Affordable government sponsored loan modification program? http://makinghomeaffordable.gov/





If you chose to stop making your payments you have a very real chance that you will lose your home, you should explore all available options and understand the possible ramifications on your home ownership and your credit report before you just stop paying.





Addition: The WSJ has a great article today on the pitfalls of doing what you are suggesting.


http://online.wsj.com/article/SB12450872鈥?/a>