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STRUGGLING TO MAKE MORTGAGE PAYMENTS? WHY YOU SHOULD NOT ALLOW FORECLOSURE
If you are struggling to make mortgage payments, you have two options.  First, we counsel clients in how to go back to their lender and renegotiate the terms of their loan. With the initiation of the Homeowner Affordability and Stability Plan, part of the recent stimulus bill, homeowners have the option of refinancing even if their loan to value ratio is above 80%, the current guideline for conforming loans.  There are also options for those that have had their income reduced. The new plan allows for government and investment banks to work together to lower interest rates on loans and thus lower payments for those with either reduced income or reduced equity in their homes. The bill is somewhat complicated. Make sure you are talking to a mortgage broker or bank that is staying on top of these changes.
If you do not qualify for these new programs either because your income is now too low or you are too upside down on your home (you owe considerably more than what your home is worth), you may qualify for a short sale. This is when the bank is "shorted" what they are due according to the mortgage terms. It does reduce ... more

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