mortgage payment: Emotions During a Foreclosure –Fear, Depression, Anger, Embarrassment - 06/05/11 02:50 AM
All this within the strict timeline of a looming foreclosure. Not enough time to become a legal expert or a real estate expert. Who do you ask? Who do you trust?
I am here to tell you that you have options. Good options.
Did you know that lenders accept short sales? In a short sale, the lender lets the house sell for amount SHORT of what you owe. Hence the term SHORT sale.
In an ideal short sale the lender will forgive the shortfall and you will never have to pay it back. That debt forgiveness is issued in writing. You … (11 comments)

mortgage payment: Divorce - Mortgage Payments Too High and Owe Too Much to Sell. What To Do? - 05/08/11 02:03 AM
How about getting rid of the mortgage debt altogether via a short sale? Let’s explore.
Dividing the excess home equity in a divorce used to be a primary point of contention. Today it seems that dividing the debt is a primary issue.
Millions of homes nationwide have “underwater mortgages” meaning more owed than the house is worth. Leaving that debt in place is fraught with peril.
What if I deed my house to the other spouse?
Remember, no matter what the divorce agreement says, the parties who originally signed their obligation on the existing mortgage debt remain personally liable to repay … (2 comments)

mortgage payment: Eliminating Marital Mortgage Debt May Be More Important Than Dividing the Marital Property - 05/04/11 09:10 AM
In today’s housing market, eliminating the marital mortgage debt may be more important than dividing up the marital property.
Selling and getting rid of the house also gets rid of the mortgage debt and the mortgage payment. If the mortgage payment is too high and unsustainable then keeping the house is a recipe for disaster.
A short sale can solve the problem of selling a house that is worth less than the debt.
In a short sale, the lender allows the house to sell for an amount SHORT of the payoff. In most cases the lender forgives the deficiency, but not … (0 comments)