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Are you in financial distress because of your mortgage? Do you need to get out from under a payment that has become too hard to manage because you've lost your employment or your ARM has reset?
If so, you are certainly not alone. Hundreds of thousands of other Americans are in that leaky boat with you, and there's no easy way out. But you do have choices, and you should take a look at all of them before deciding what to do.
Bankruptcy has helped some consumers. The courts now have the authority to let you keep your home and either forgive a portion of your debt or modify the terms so you can make the payments. If you're also buried in medical bills, credit card debt, or other obligations you simply can't meet, this might be the best solution.
But... bankruptcy stays on your credit report for 10 years and could keep you from moving forward in life. In addition, it places some restrictions on your life that you might find very unpleasant. It might not be the best choice for you.
Foreclosure is another option. You can simply quit making the payments and stay there until they knock on the door and tell you the bank now owns your home. For some this is a chance to live rent and payment free for several months and put away some money for a deposit on a rental home. But again - the effect on your credit rating is dire.
In addition, you run the risk of a huge financial obligation that will follow you around forever. When the bank sells your house at a loss because the market has fallen, they might be able to come back on you to make up the "deficiency" between your mortgage balance and the dollars they collected from the sale of the house. This is another area where the rules keep changing, so check this before you act.
If you want to keep your home... If you'd prefer to keep your home, then a refinance or a loan modification is the best option. Which you can use will depend upon your credit scores and your current income, but either way, you need a mortgage lender who not only knows how to qualify you for one or the other, but will actively work to keep you in your home.
You need someone who will give you all the information you need up front, so you can gather the proper paperwork quickly and get your refinance or modification completed before things get worse. Then you need someone who will use just the right amount of prodding and persistence to keep your transaction moving through those clogged channels at the banks.
I specialize in helping homeowners in distress, and I know how to get your paperwork moving through the system in time to save you from losing your home.
So call me at XXX-XXX-XXXX, write me at
I look forward to hearing from you,
For a free report on creating your own drip marketing campaign, visit www.copybymarte.com.