Cannot Afford Mortgage Payment Anymore?

Real Estate Agent with RE/MAX Realty 100

If you cannot afford to pay the mortgage anymore, Instead of walking away from your house, this is what you can do:

Contact your lender immediately to see if you are qualify for a loan modification. Explain to your lender that you can no longer afford the mortgage payment due to your current situation (sickness, lost of job or income, divorce...) to see what the lender can do to help you stay at your home. If you owe more than the house's worth, ask for lender's loss mitigation department will help speed up the process.

To help homeowners keep their houses, lenders can lower your principle and/or lower your interest rate through loan modification. By doing so, it will lower your mortgage payment tremendously provided that you have enough income to pay for the reduced payment.

Here's a real story about one of my coworker's client. Her client loss 50% of his income because his full time job was reduced to part time. After working with the lender on loan modification for 6 months, his mortgage payment was reduced from approximately $3000 to $1000 per month by lower the interest rate from about 6% to 2%.

If for any reason your lender can not help you with loan modification, contact a local Realtor who is experienced in working with distress owners immediately and put your house on the market for sale. If you owe more than your home's worth, you will need find a short sale specialist. An agent with experience in rental properties will be a plus to assist you in finding a suitable rental if you are credit challenged.

I am a license Realtor/Broker who have experience working with distressed owners, short sales and rentals. If you are looking for a qualified agent who can get your house sold quickly and help you transition into a nice rental smoothly, please contact me immediately for a free consultation.


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ernesto Dacanay

Hello I am in deep need of help how can i do this I live in vallejo Ca were all are down even the govnt. agency are downsizing....  I plan just to leave my home or give this back to the lender were its from a BOA we try contacting them since my daughter and his husband are doing the payment since i lost my job....The back said that their not qualified to do a loan I was planning to tell my Daughter to live in my home until they get to vacate the property and save their money for their place to leave.... So it kind of live to the house and just pay the utilities untill the Bank tell them to leave the house or wait until they give them a notice or full them out to the house.....I don;t care no longer about my credibility,since i lost my inconce for quite sometimes,,,and the only thing i own is that house I dont have any other credit card ....depth Please help your information and help is trully appreciated THANKS

You can call me 707 5544792

also ask for my daugther EBONY or Andre

Feb 20, 2010 02:16 PM #1
Caroline Chai
RE/MAX Realty 100 - Diamond Bar, CA

Hi Ernesto,

I appreciate your trust in me to help you.  I know you are trying to do the right thing thru loan modification.  As you may already find out, you need to have enough income to qualify for the loan mod.  It must be frustrating to deal with loan mod process and learn that you are not qualified for it.

As a homeowner, you do have limited options and choices at this point of time.  You definitely can walk away if that's what you decided to do to keep some of your sanity.  If you can stand the stress, you may like to contact a local Realtor to help you sell the house.  This is a more financially responsible approach to the housing problem.  A good realtor can assist you in working with BOA on getting your house sold quickly.

If selling your house is an option, you can contact my RE/MAX associate, Tess Downey.  Here's her info:

Tess Downey

(707) 592-6755

Again, thank you for the opportunity to serve you and I trust your heart to lead you to the best solution.   Take care and God bless.

Caroline Tsou Chai
RE/MAX Realty 100
Broker Associate, Lic # 01343928
Excellent Service Since 2003
1411 S. Diamond Bar Blvd
Diamond Bar, Ca 91765
Cell: 626-922-8408
Fax: 909-632-1852

Feb 20, 2010 04:25 PM #2

divorce................... house not near value i owe........should i let it go

Apr 29, 2011 08:27 PM #3
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