Cash is King – Upside Down Mortgage Solutions

I Can’t Pay My Mortgage, I’m Going into Foreclosure Part II

Since this title is my most popular post by more than 4 times my next post I thought it was time I expanded it a bit.  You can find my most popular post here.  

There is a FANTASTIC Ebook available here that would be extremely useful to you if you are facing foreclosure!


I think it is time I take this topic to a different level.  Just because you are facing late payments, no payments, notice of default or foreclosure, it doesn’t mean that you are out of options.  You need to know what other choices are out there for you since the government has stepped in realizing that there was a problem and helping where there used to be little or no solutions.  Here are some options that can help you find a solution to avoid foreclosure or selling your home:


  1. If your rate is starting to adjust or has already adjusted then you need to read my post for answers.  If you are late on payments because you ARM adjusted then you need to know your options.  Selling your home or foreclosure may not be your only choices.  Refinancing with those late payments is now an option.  The Government put in new rules and now will allow you to refinance into an FHA loan but rules do apply. 
  2. You need to know the math behind the adjusting loan and the only way to figure that out is to look at your note provided to you at the time of signing your loan documents.  I will help you with your rate adjustment payments so e-mail me your current mortgage statement and your mortgage note with all the riders attached to the note and I will tell you your new adjusted payment. It may not be that bad and could be manageable in the short run.
  3. Being “upside down,” (owing more than your home is worth), is no longer a hopeless situation. It’s a difficult situation to be in, but know one thing; you can get a new fixed rate mortgage at an extremely low interest rate if you know how to handle the banks.  Look for upcoming articles about negotiations along with success stories of others we have helped.
  4. If your ARM has not yet adjusted and you expect it to adjust in the next 10 months you may be able to get a 5-year freeze on your interest rate.  You need to call your lender and ask them about this option and reference the “Hope Now” program.  This is a voluntary program on behalf of the lenders and it can stop your rate from increasing if approved by the lender.  To qualify your loan must have been between Jan. 1st, 2005 and July 31st, 2007.


Most important fact of all is to explore your options and know your adjustment date on the nose.  If you are approaching the anniversary date to your purchase and you fall within the first 10 years of ownership, you may have an adjustable rate mortgage and not even be aware of it.  Open those loan documents or call your lender to find out those details.  If you need help with anything please email me at Here is more information about myself and my Team.  If you are feeling uncomfortable contacting me, take a look at my license information here and see what other say about me here.



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