Help with Mortgages in Trouble

Learn the Options for Solving Your Mortgage Problems

Nobody wants to lose their home. If you are falling behind on your mortgage payments, you may feel that you are running out of options. You need to understand that the steps you take will make a difference in what happens.

Learn about the pros and cons of the different choices you have. The various articles in our ‘Mortgages in Trouble’ section of our Web site help you understand your options and how they will affect you.

One basic rule is that any time that you aren’t able to make your required mortgage payment, you should contact your lender. It may not be pleasant to call them, but maintaining good communication with your lender is essential. You can gain flexibility that would not be available to you were you to avoid speaking with your lender. Keep detailed and accurate records of all conversations and correspondence.

Make sure that you understand the options that will allow you to stay in your home. You may benefit from working out a home loan modification, but that is not the only way to solve the problem.

Sometimes, there is no better option than selling your home to avoid foreclosure. There are different ways you can sell your home. Each has a disparate impact on your credit rating. In some cases, you are responsible for any unpaid debt to your lender. Other times, you have no responsibility. You must research your options so you find the best solution.

Sometimes, foreclosure is inevitable. will help you understand what foreclosure is, how the foreclosure process works, and what the results of a foreclosure can be. You could end up stuck with a mortgage deficiency balance or not, depending on the state you live in and the type of mortgage you have.

Underwater Refinance Programs

New programs have been created to help underwater homeowners. It is your responsibility to learn about them. We’re here to help, whether it is keeping you up-to-date on the expanded HARP mortgage program or the changes made to the FHA Streamline and VA Streamline Refinance programs.

Use the information and resources at to increase your knowledge. Review the questions that other readers have asked or Ask Bill any question you have about mortgage problems or foreclosure issues.