Cash is King – Upside Down Mortgage Solutions

September 14, 2006

I can’t pay my Mortgage! I’m going into Foreclosure!

THIS ARTICLE IS GOOD BUT READ

HOW TO REFINANCE AN UPSIDE DOWN MORTGAGE

* Look for the FREE REPORT at the bottom

Read the Part II – I list more options for people facing foreclosure. THIS LINK WILL SHOW YOU FINANCING OPTIONS AVAILABLE FOR PEOPLE FACING FORECLOSURE

It is a very interesting time in a person’s life when they come to a financial cross road!

There is always that point of “pay the mortgage or eat!”

With the ever changing economic environment and the constantly fluctuating real estate market it is quite possible you found yourself between a rock and a hard spot, financially.  With the threat of loosing your home to foreclosure and the embarrassment of the situation you often feel the need to hide.

Sure you need to be concerned but there is a light at the end of the tunnel. It is a no brain-er, eating is always more important than the mortgage payment.  You can’t tell your kids that, “no food this month, I had to make my mortgage payment!”  But at some point you need to face the music, tighten the financial belt and make some pretty tough decisions.

Cuts in the family budget need to be made but where to start is the question.  Some are obvious but others are not quite as obvious.  Here is a short list:

  1. Eating out for any meal is always more expensive than cooking or making your own food. (obvious)  Start by taking your lunch to work and staying home to eat.
  2. Consolidate your high interest credit cards to you low interest credit cards to reduce your monthly payments. (not so obvious) Start with the department stores they are typically the highest.
  3. Look for any fees that you pay monthly that could be reduced to increase monthly income.  Start with your bank accounts, cell phone bills, phone bills, gym memberships, or subscriptions.  (not so obvious)
  4. Call you creditors and ask for a decrease in interest rate because other credit card companies are offering lower rates. (not so obvious)
  5. Find your other large monthly expenses and look to make changes to those.  This may even require selling your car for a while giving you time to get caught up.  You can always rent a car when you need one and Enterprise will pick you up. (obvious)

If you have made every possible cut to the finances you feel is necessary you need to take it to the next level.  Your home is taking advantage of you and you need to get out or you need to refinance.

A refinance can create some breathing room giving you a chance to not only get caught up but it could possibly make a majority of your problems go away.  Wait there is a catch, you still have a mortgage payment so your finances need to be put back in order with your refinance and not have it set you back with an even higher payment than before.

I have also heard the argument that “my current loan is too good and if I refinance I will lose my great 30 year fixed rate I got back in 2003.”  Yes rates are higher, BUT YOU ARE GOING TO LOSE YOUR HOUSE TO FORECLOSURE!!! WAKE UP!!!!  This is just a way to justify things but in reality you need to make changes.

Last argument, “My house isn’t worth what I owe on it!  I’m upside down NOW WHAT?”  A great article on a short sale.  If you fall into this category you really shouldn’t go it alone.  I am more than willing to offer my advice on the subject and more times than not I will be able to negotiate an even lower payoff than you may have on your own but there are rules you need to follow.

You can find out more about those rules in my FREE REPORT!

“Refinancing SECRETS for an Upside Down Loan that Banks Don’t Want You To Know because it will Cost them THOUSANDS of Dollars!”

JUST SEND ME AN EMAIL with “Refi Secrets for Upside Down Loans!” as the subject to Brent@brentlane.net

Read my most recent articles about

Upside Down Right Side Up HERE and Professional Loss Mitigation Negotiator HERE!

Email me at Brent@brentlane.net and I will help in any way I can.  If you want to keep the house you need to make changes somewhere and my short list is only the beginning.  If you just want to move out and move on then we need to talk about a short sale or straight sale of your property.  If I am in your corner, you will have the best chance at making it out, making the best choices possible and do it in a very timely fashion (2 weeks).  

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36 Comments »

  1. Great article Brent! Thanks for the link to my blog and I wanted to take a minute to follow up with a few key details for some of your readers.

    If you, or someone you know is facing foreclosure, there are many options to help avoid and prevent it. I have seen many homes foreclose because the owner put their house on the market with a Realtor, but couldn’t make the payments and the house couldn’t sell fast enough. Especially if you are in a down market like California!

    So you might want to consider talking with a Real Estate Investor or someone that understands the perspective like Brent Lane on this blog. Investors are usually “solutions oriented” vs. “transaction oriented” so they will help you come up with many solutions. Here are a few examples:

    An investor might be willing to take over the payments on your house via a “subject-to purchase” where you keep your existing mortgage and the investor makes the payments on it. The investor might be able to catch you up and this prevents any further late payments and helps your credit from getting any worse. You would be surprised how many investors are willing to do this.

    Another solution is a short sale, where an investor can negotiate with the bank for a discounted price and then buy the entire house outright with the intent of being able to sell it down the road for a better price. This would help you because a short sale is much better than a foreclosure on you record and you can bounce back from a short sale much much faster. The bank won’t always accept these offers but in today’s market, the bank would rather negotiate than foreclose on your house!

    So my point is this. Get Creative! Work with a real estate investor(s) to get solutions and creative ideas. We have been able to help several people out of a difficult situation by creating win-win scenarios for all of us. Hopefully this comment has given you a glimmer of hope if you are facing foreclosure…

    Chris Record
    http://www.myspace.com/chrisrecord

    Comment by Chris Record — September 26, 2006 @ 11:30 pm | Reply

  2. hi my name is Brenda and im in forclosure the are going to take my home dec 1th what can i do my credit is bad its no 500

    Comment by Brenda — November 9, 2006 @ 2:06 pm | Reply

  3. Just dropping in to let you know you have an interesting site. I hope you’ll continue to work on it. Wishing you all the best.

    Comment by car insurance washington dc — July 25, 2007 @ 12:26 am | Reply

  4. please we need help our home is going to foreclosure,we bought this house on 8/06 and is too much for us we was paying 5600 a month and we coulnt continuing paying it.the house is listed with a real state agency for more than 5 month and they havent done anything yet and they are not that helpful we need you help or a least refer us to a company that can help us.my exhusband doesnt speak english,he only speak spanish can you please call him and talk to him because he is the only one in the papers .He’s name is LUIS PADILLA ,tel # 212-518-7846.please have to be spanish speaking rep and iam his exwife my name is GLENNY ROJAS.THANK YOU IN ADVANCED FOR YOU COOPERATION

    Comment by luis padilla — August 14, 2007 @ 4:32 pm | Reply

  5. Great post and info. on house foreclosure. With so many people being “house-poor” the smallest hick-up can throw an owner sideways. So glad that you commented on frugal ways and decreasing credit card debt.

    Great site…..Di

    http://myhomewindowblinds.com

    Comment by Di — August 24, 2007 @ 1:17 am | Reply

  6. If my house goes into foreclosure, do I have to keep paying on it or is the foreclosure the end of it.

    Comment by joanne — August 29, 2007 @ 2:50 pm | Reply

  7. HI my name is Erika My husband bought some property in Az. in 2006. We had renters in there in till the end of Aug. They did not pay rent and they damaged the hardwood floors there is about $13.000.00 in damages that the insurance is going to pay for. The house has been empty for about a month and half. I have not been able to pay the mortgage. We bought the house for about 330.000.00 and have a second on the home for 80.000.00. I am just able to pay my current mortgage in my own home. what am I looking at? can they come after my current home I live in California. We are financially strapped right now and i have cut back a lot in our spending I am being very frugal. Is there any hope? In February I will have more income coming in but not in till then. What can I do?

    Comment by Erika Edwards — October 17, 2007 @ 6:04 am | Reply

  8. Hi,

    I am in foreclosure and my mother helped me get my house. Her name is on the mortgage. She owns her own house and they are threatening to take her house because the one I have is in foreclosure. Can they do that?

    Please help me.

    Comment by Lynette — December 5, 2007 @ 4:06 pm | Reply

  9. Hi,

    I took out an ARM loan when I bought an investment property. Two years later, the interest increased and it’s going to increase again in 2 months. I need help, I will not be able to pay such a high mortgage. I tried contacting the company but it seems like they cannot re-negotiate the loan since they are only servicing the loan. Refinancing was my other option but the value has decreased and now I don’t have enough equity. I would love to sell the property but nobody is buying anything! How can I get rid of this property without affecting my credit?

    Thank you,

    Comment by Claudia — February 2, 2008 @ 7:24 pm | Reply

  10. Thanks Claudia! You prompted my latest Blog Post! Find that Professional and you will be just fine!

    https://brentlane.wordpress.com/2008/02/02/short-selling-your-home-that-while-facing-this-difficult-real-estate-market/

    Comment by brentlane — February 2, 2008 @ 8:21 pm | Reply

  11. Great read. I think I’ll subscribe to this as it has some good info! Thanks. I do apppreciate the blog 🙂

    Comment by RefinancingTips — April 29, 2008 @ 4:11 am | Reply

  12. […] times my next post I thought it was time I expanded it a bit.  You can find my most popular post here. […]

    Pingback by I Can’t Pay My Mortgage and I am Upside Down, I’m Going into Foreclosure Part II « Cash is King — June 4, 2008 @ 5:33 pm | Reply

  13. […] Save as much money as possible and liquidate your belongings to raise money. In many cases, your lender can offer a lower rate and payment if you can make a few of the “workout” payments on time. This can make the difference between losing your home and keeping your home with a loan modification or foreclosure workout plan. Getting a second job, selling a car, or renting out an extra room can all help you raise money to avoid foreclosure. (Here is a great article about the little things you can do to help raise cash during the foreclosu… […]

    Pingback by How can I can’t avoid Foreclosure? « Foreclosure Secrets — June 5, 2008 @ 2:09 am | Reply

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    Comment by win now — December 3, 2008 @ 10:56 am | Reply

  16. HELLO, I AM ON A PICK A PAY STATUS, MY ARM IS AT 7.85 PERCENT. I AM BARELY ABLE TO PAY THE MINIMUM PAYMENT. CANNOT PAY THE INTEREST PAYMENT. MY TOWNHOUSE IS AN UPSIDE DOWN LOAN IT WILL RIPEN ON OCTOBER,2012. I MISSED 2 PAYMENTS BUT PAID IT BACK AND I AM RIGHT ON TRACK. MY CREDIT CARDS,20,000 IS ON A CONSOLIDATION LOAN. I AM ON A FIXED INCOME RETIRED. I WILL BE GETTING SOC SEC IN MAY OF 2010. BUT I AM AT MY WITS END. WHAT SHOULD I DO? I HAVE BEEN SELLING MY JEWELRY AND SELLING MY MATERIAL STUFF JUST TO STAY HERE. MY CAR NEEDS TO BE MAINTAINED. I AM 61 YRS OLD AND DONT WANT MYSELF AND TWO DOGS TO LIVE UNDER A FREEWAY BRIDGE. TKS. ANY HELP?
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    Comment by gilbert loera — December 23, 2009 @ 7:24 pm | Reply

  17. Hello. My name is Sandra Scott, my husband and I purchased our house in October 2004. In 2005 my company which I worked at for 20 years closed. I was able to get the max unemployment, but wasn’t much after taxes. Shortly afterward my husband’s other came after for a raise in child support. He was in arrearages. The payments would have surely made us loose our home so we took a home equity loan to pay her off. I found a job making 5 dollars less an hour moved onto another for 3 dolars more than the five and got laid off again. I started at another place making the same as the one that had laid me off. Bills were getting uncontrollable, we ended up filing bankruptcy on our jeep and the little bit of credit card debt we had. We both bought used vehicles. We went on for a while…payments were getting tough with insurance going up bills, etc with no raises. Child support went up again. We went to our mortgage company, Citimortgage and ask for a remodification loan. They had us fill out all the paperwork and said our payments would be lowered to 750.00 for 3 months and a balloon payment at the end of 1600.00. At the end of the three months we went to pay the 1600.00 and they said Obama passed anew thing no balloon payment 500 a month and then we will remodify your loan. Ok. when my husband went to call at the end they said we do not qualify for the loan and wanted their 4000.00 (they had us in the whole) now. So after much aggravation and phone calls they said pay us 2000.00 up front and we will move the payments to the back of the mortgage and you will be where you were at to begin with. Ok my husband and I skrimped to get this money up and they told us we need to file paperwork again to have this done. This was enough. The attorney said we have nothing in writing so it is perfectly legal what they did to us. We cannot do a short sale because we owe more than what it is worth. Our only option is foreclosure at the time. Isn’t it silly..they won’t help you the house will sit empty all we ask is for a lower payment but are will to pay the full mortgage off, but they will let this house sit and sell for a quarter to half of what we paid for it. Can they come after us after foreclosure?

    Comment by Sandy — April 30, 2010 @ 9:02 pm | Reply

    • Hey Sandy!

      Sorry to see the trouble you are in.

      I am curious…. a short sale by definition is selling the house for less than you owe on the property. This is the most important option for you at this point so I would focus 100% of my energy there and avoid foreclosure if possible.

      Depending on your state but you shouldn’t have anyone chasing you after foreclosure.

      Hope that helps.
      Brent

      Comment by brentlane — May 4, 2010 @ 5:26 pm | Reply

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