Defaulting on Your Mortgage

Times are tough and if you are defaulting on your mortgage, chances are you have budgeted already and still cannot make your payments. There may have been loss of employment, and living costs are too high and you are forced to move. This has been happening everywhere and you are not alone. The most important thing to do is be in touch with your lender every step of the way. You should also feel comfortable enough to contact your Realtor to see if he can give you advice.
Since you have stumbled upon our blog, chances are you have been searching for answers. Here are some tips as to what you can do if you are having trouble making those payments:

1. Contact your lender and ask for loan modification paperwork.
2. If you are 12 months current on your mortgage, see if you can refinance your home. Remember, there will be fees so find out what they are and if it makes sense to do that. You could take out money while it goes through and you won’t have to make payments on your mortgage till the process is completed. If this sounds good, do it!
3. If you are in California, contact: “Keep Your Home California” and see if they can help you. Here is their website: http://keepyourhomecalifornia.org/index.htm
4. Contact your parents or in-laws to see whether you can move to their home for a certain time and rent out your home.
5. If you are in the Irvine area and need assistance, contact us.

Photo credit:

<p><a href="http://www.freedigitalphotos.net/images/view_photog.php?photogid=851">Image: Danilo Rizzuti / FreeDigitalPhotos.net</a></p>