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).