Are you like millions of people across the country that are currently stressing about their mortgage payments?  Maybe you are unable to make the payments and are in default with the fear of foreclosure looming.  Maybe something unexpected has happened in your life and while you are still current on your mortgage you are wondering how long you can keep it up.  Maybe you are in one of those unfortunate situations we have heard so much about lately and have an adjustable rate mortgage that will be adjusting in the future to a payment amount you can't afford.  No matter what your situation, there's help available.

The first step is to call the national counseling hotline President Bush publicized.  888-995-4673 is available 24 hours a day, seven days a week offering a HUD-approved counselor to listen to your situation, get all the facts, and recommend a course of action for you.  They can help you the most if you are prepared.  Have income and expense numbers in hand before calling.

Of course, this is not your only option.  If you are considering selling your property to get out of your current situation stop considering it and take action.  Talk to a real estate professional.  If you have not received a letter from your lender saying they have begun foreclosure proceedings you may still have an opportunity to come away with some equity intact.  If not and you end up selling your property for less than you owe, a short sale, and the lender forgives the remaining balance, in the past you would have had to pay income tax on that amount.  When President Bush signed the mortgage debt forgiveness law in December borrowers who receive debt forgiveness as part of a loan workout over the next three years won't have to pay federal tax on the forgiven amount. 

Having trouble paying your bills is always a stressful situation to be in.  Don't give up, there is hope.  There are still a few nuggets of good news out there.  If you are having trouble finding the silver lining, give me a call.  I am always willing to help.