Are You, Or Is Someone You Know, Facing a Large Payment Increase on Your Mortgage Soon?

You are not alone!  The real estate market has been a favorable one for several years, but the market has slowed. If you are facing the prospect of defaulting on your mortgage, unable to make your scheduled mortgage payments, here are some steps for you to consider:

• First and foremost, you need to contact your current mortgage holder. Often times, they are able to help you and will work with you to come up with a work-out arrangement to help keep you in your home. Stay in contact with them.
• If your mortgage holder is unable or unwilling to work with you, contact one of the many non-profit companies who may be able to assist you with obtaining a work-out agreement with your mortgage holder. Southern Oregon Regional Housing Center through ACCESS, Inc. is the Hud approved housing counselor for Jackson County and can be reached at (541)779-6691. Another source of help for you might be Neighborworks who can be reached at 1-800-995-HOPE . Neighborworksand other non-profits act strictly as mediators. The biggest help they provide is getting the parties (you and your mortgage holder) talking early on. They do not have the power to force agreements on lenders or borrowers. By working with non-profits, you may improve your work-out prospects.
• Did your home's value decrease, preventing you from being able to come to a mutually acceptable work- out agreement with your mortgage holder? Do you need to sell your home to avoid foreclosure? It is important you work with a professional Real Estate Broker familiar with today's mercurial atmosphere, such changes as Mortgage Cancellation Tax Relief Act, H.R. 3648. Contact me if you would like a recommendation to such proven professionals.
• Maybe you have not defaulted on your mortgage, but you know when the payments on your adjustable rate mortgage reset it will be a stretch on your budget covering the higher amount. Call us to see if there is a good loan you may be able to refinance your existing loan with, as interest rates are still at historic lows. Put our 24+ years of Quality experience to work for you.

For more information, call us today at (541)608-6003, or online at http://www.quality4loans.com/ .