4 Ways to fight for your home

Is your adjustable-rate mortgage getting out of hand?  Are changes in income creating financial stress in getting your mortgage paid?  What follows are a few tips to consider before things become worse:

1.)  Assess your situation early in the game looking for ways to cut back on expenses thereby increasing your income.

2.)  Talk with a local loan officer about refinancing your current loan to a 30-year, fixed-rate mortgage.  Rates are still attractively low. If refinancing isn't an option, then consider selling your home.  Make sure the Real Estate Agent provides an Estimate of Closing Costs so that you don't fall short of funds at the closing table.  Also, remember that when your home is sold, you can cancel your homeowners insurance and will be entitled to a portional rebate as well as funds available in your escrow account.

3.)  Many States offer one time mortgage relief.  Contact your local housing authority for further details if applicable in your area.

4.)  Stay ahead of possible foreclosure proceedings by calling your lender to discuss options if you think that you may miss a mortgage payment.  Your lender may offer to modify your existing loan or temporarily adjust the rate.  Remember that the better your credit score and employment history, the more receptive the lender will be to working out an arrangement with you.