What are my options if I need help paying my mortgage?
by Mortgage Rates on Monday, October 18th, 2010 | 3 Comments
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You can ask the lender but here are your options if the lender refuses…
1. Pay
2. Foreclosure
3. Sell the house
talk to these people
hopenow.com
this site has people – set up by the federal goverment – that will provide councelling and options.
Set up by HUD.org to help homeowners with mortgage troubles.
If you are in serious trouble they will call your mtg company and restructure your loan.
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Not too many options here:
1. Pay even if it means other bills have to be late.
2. Ask for modification – no guarantee they will say yes, but worth asking.
3. Deliberately walk away and lose what you have put into the house.
4. Find other things you can cut out of your budget to make what you can earn match your budget (google “frugal living” for hundreds of ideas).
5. Sell something big (a car, a TV,) that now has a loan on it so you don’t have to pay that loan anymore.
6. Find extra income – even something like babysitting or grass cutting – to help close the gap.