In today's economy how on earth do I catch up 3 months worth of mortgage payments?   There are two options.  One is a temporary fix and two is a long term solution. 

One, you can do what is called a forbearance.  Basically what happens is the payments that you are behind get tacked onto the back of the loan and you start with a fresh slate.  There are two problems with this.  One is that the payment is the same as it was before you were behind.  If that payment was truly manageable aside from an catastrophe you should have been able to keep up.  The second problem is that if you are in an adjustable rate mortgage this does nothing to lock in a low interest rate.  

Two, you can modify your mortgage.   With my service the interest rate and duration of the loan are both negotiated.  That means that we lower the interest rate and in some cases stretch the term out to 40 years.  I have seen interest rates locked at 3.5% with a 40 year duration.  This is a permanent fix.  This makes your payment manageable and it allows you to build equity by actually paying the principal and not just the interest.   In my humble opinion this is the fix that works.  

If you or anyone you know is in trouble with their mortgage,  please give me the opportunity to show them their options.

Orville McCallister

Consultant,  Diamond Consulting Group

951-970-8025

www.orvillemccallister.com