Take A Number...That's All You Are Anyway to Your Mortgage Company

     Homeowners Unite! Use Your Voice. Take A Stand. Let someone at your mortgage company or bank know you are a person who breathes and thinks and feels--just like they do. Or do they?? Do they feel your pain? Do they care that your income was slashed by 75% because of an oil spill? Or do they know how difficult it has been for you to make your mortgage payment since your spouse started chemotherapy every other Do they know that your pay check was cut in half because your hours were cut at your job and if you paid your mortgage payment you wouldn't be able to feed your kids? What would they do in your situation?

     One out of every four homes in this country are "Underwater" on its mortgage--in every state, every price range and every neighborhood. It is real but it does not have to be devistating to a homeowner's future. Once a homeowner is behind 30 days on their mortgage the bank will start calling leaving less-than-friendly voicemail messages and sending letters written with the same condescending tone. So what can homeowners in default do to protect themselves?

• First, realize that the people hounding you from the bank or mortgage company cannot harm you or your family.
• Be realistic about your financial situation--is trying to stay in your home realistic at this time? If you are lucky enough to be in the 10% of homeowners who actually get approved for a loan modification is it worth it? Do you want to have that much debt on your house for 40 more years? 
• Understand that the banks and mortgage companies really DO NOT want to foreclose on you and own your home but they do want money.
• Talk to a real estate agent who is knowledgeable in working with distressed property owners about your options--NOT an agent who just lists foreclosures owned by the bank--an agent who helps homeowners with loan modifications or Short Sales.

     The more you know about loan modifications and short sales the better off you will be to make the right decision for you and your family in facing foreclosure.