A news report has highlighted the dangers of walking away from a mortgage that the homeowner can still pay. It said that homeowners who strategically stop paying may face very daunting consequences.

According to the report, homeowners who defaulted on payments because they lost their jobs or were divorced may be able to secure mortgage again after two to five years. However, Mortgage Bankers Association chief economist Jay Brinkmann said “walkaways” will have to wait up to seven to eight years.

He noted that “walkaways” should not be too confident that they can secure mortgage anew just because they can repair their credit score. “Credit scores are only one component of a complete credit decision. Credit scores are not (always) a good indicator of their willingness to continue to pay their mortgage,” he said.

Bill Merrell of the National Association of Review Appraisers and Mortgage Underwriters echoed this statement. “If you made a strategic decision to default on paying your mortgage, it will work against you,” he said, noting that such defaults are viewed by lenders “very negatively.” He added that the money borrowers have in the bank, their employment history, and payment history also influence a lender’s decision to grant a home buyer mortgage. “They’ll give you more consideration if it’s job related.”

Keith Gumbinger of the mortgage information publisher HSH Associates, meanwhile, said that “walkaways” will have to rely on a big down payment to get a mortgage. A change in the market might also convince banks to give these defaulters more consideration.

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