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Online Gambling Can Cost Restructured Mortgage

6 September 2011 by admin

mortgage-modification-large1Times are tough. As the global economy continues to struggle because of a variety of factors, including unemployment, government overspending and accumulated debt, many people need help. Foreclosures are at an all-time high, as people struggle to pay their mortgage. Facing a possible foreclosure, many people turn to their banks and attempt to have the mortgage restructured at a lower rate. Doing so allows them to stay in the house and it allows the bank to continue getting paid, so it benefits both sides. If you are an online gambler, though, that may not be an option.

According to the Irish Examiner, banks in Ireland are denying loan modification requests to anyone who frequently gambles online. When homeowners apply for the mortgage modification, they must submit a detailed application that includes recent transactions from their bank account and credit card statements. If the bank sees that there are frequent online casino transactions, they will likely decline the request.

Trevor Grant, CEO of Negotiate, a mortgage debt advisory firm, says that “lenders will form a view that if the customer is struggling to pay their mortgage, they should be tightening their belts, and they consider gambling, for example, as a non-essential activity and therefore should be one of the first social indulgences to be cut.”

I agree. While online gambling is a fun activity to enjoy in your spare time, it is usually not cheap and it is definitely not essential. Unless you are a professional poker player, you can’t argue that gambling is a necessity. If you are unable to pay your mortgage, you need to cut back on all non-essential expenses, including gambling. That is why I always say that you need to create a gambling budget and never wager money you can’t afford to lose. Online gambling isn’t the only transaction that sends up a red flag for banks. Others include expensive cell phone bills, cable subscriptions, college tuition and more.

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