What are my options if I need help paying my mortgage?

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I need assistance in paying my monthly mortgage payments. I’m like everyone else. When we bought the house we could afford the payments along with our other bills. After our income took a big hit we cut back on everything we could but we are still sinking. We have been looking for other jobs or second jobs with out luck. We don’t have any equity to play with since our house value has fallen and we have only been in the house two years. We haven’t missed any payments but we have been late on a couple of them. I don’t want to loose the house but I don’t know what else to do. We have a great interest rate on our original loan so I don’t know if refinancing will help that much. Will the lender let us “skip” a couple of payments and tack them to the end of our loan? Or are we out of options?

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3 Comments
  1. Reply
    Common Sense
    May 16, 2011 at 5:29 am

    You can ask the lender but here are your options if the lender refuses…
    1. Pay
    2. Foreclosure
    3. Sell the house

  2. Reply
    Judy
    May 16, 2011 at 5:49 am

    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.
    /

  3. Reply
    Lauren F
    May 16, 2011 at 6:22 am

    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.

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