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WHAT DO I DO? -- I'M UNABLE TO PAY MY MORTGAGE
Most Common Question: "What do I do? - I can't pay my mortgage"
As an attorney, I receive plenty of telephone calls and visits from people that are no longer able to pay their mortgage on their home or investment property. They all have endless questions and usually tell me they are getting all sorts of advice that they don't like. They come to me to find their BEST solution, and I suppose they hope I am some sort of magician that can create an answer that they like.
The analysis of the problem is the first order of business. These questions revolve around the "why" are they behind on the mortgage. What situations (health, job, death, divorce, and catastrophe) triggered the problem? When did the problems arise? Are they current or delinquent with the mortgage? Are they in foreclosure? What are the repayment terms of the mortgage? Do they have assets that are in savings, other properties, stocks, bonds? Is this a matter of being "real estate rich and cash poor"? What is their income past, present and future?
We like to get a financial statement filled out by the client, which sometimes is like pulling teeth - people just hate filling out ... more
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