SALT LAKE CITY (KUTV) —
Utahns who are considering deferring their mortgages should take into account the consequences that no one tells you about.
Credit expert Al Bingham said you may only find out the ramifications later on:
If you can make your payment on the mortgage, make it, because the consequence to you in the future in the next year, two years, even upwards of seven years, what I’ve seen in the past, can be quite substantial.”
He’s afraid people will be surprised the next time they try to open a credit card, buy or refinance a house, or take out a car loan.
Bingham expects some people who defer payments to take a credit score hit of 30 to 40 points
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