Having Trouble Paying Your Mortgage? Now What?

It is no secret that many American home owners are having a difficult time meeting their monthly mortgage obligations. High unemployment rates, depreciating real estate values, and lots of adjustable rate mortgages beginning to adjust has left many home owners in a position where they simply cannot refinance even if they wanted to. Let's face it, an unemployed borrower who owes $250,000 on a house that is now worth $200,000 is not an appealing loan for a bank to make.

What is a person to do? We ran across an article on American Financial Resource's web site which lays out some action steps to consider. The first and most important suggestion in the article is to speak to your lender to discuss any and all options that may be available to you. If you don't ask, you can't expect much assistance.

Also, the Obama Administration  rolled out the Making Home Affordable Program which provides opportunities for homeowners to refinance their mortgages and the Home Affordable Foreclosure Alternatives Program which is designed for homeowners who are looking to short sale their properties to avoid foreclosure.

If you are seeking solutions, use the links above to find information that may get you moving in the right direction.