Behind My Mortgage Payment

If you do find yourself falling behind on your mortgage take action by calling your lender or a credit counselor. Some lenders have allowed for a freeze in the adjustment of the variable rate, but again making the initial contact is the first step. The best case is that the lender will work with you and give you the relief. Most lenders would prefer dealing with you than having to put the property in foreclosure. For a non-profit HUD approved counselor contact Hope Now at 1.888.995.HOPE. (4673) or www.995hope.0rg

If there is no other solution than to sell the home, than you must consider that today’s market value will not be what you would of expected in the last year.  Not all areas are created equal, you should contact a Realtor for a price opinion or call an appraiser to find the current value.  If you can settle with the price, list it for sale and be prepared for competition with lender owned and fixer homes currently on the market. You may want to consider renting your home until favorable conditions for selling come along.