Mortgage Forum

Mike

The tone of this post is certainly not to chastise anyone who has waited until the 11th hour to begin to resolve your mortgage issue. We are pleased that you have come here and we will help in any way we can. Rather, it is to emphasize to the distressed homeowner that immediate action is paramount to getting the proper help.

You allready know you have a mortgage problem and are beginning to look for help. Again, you have come to the right place. There are experts here in various disciplines of the mortgage world, and real homeowners who have helped themselves with solutions to their mortgage woes.

* Get familiar with: The Good Faith Estimate, the Truth in Lending Disclosure, The Mortgage Note, The Adjustable Rate Rider/Disclosure, the Prepayment Penalty Rider.

* If your loan is going to adjust, find out when, how much, how often. (We can help with this)

* Have a real "heart to heart" conversation with your spouse or yourself about the future of your home. Do you want to stay there? Really? For how long?* Have a real "heart to heart" conversation with your spouse or yourself about your current finances. If you choose to keep your home, how much can you REALLY afford to pay every month? Not what you want to pay, but what you REALLY can afford if applying for a loan modification. (Keep in mind, that the lender is more than likely going to require that you escrow (or impound) your property taxes and insurance with your monthly payment.)

* Another action step: Gather up your pay stubs, your bank statements, your mortgage statement(s), loan docs from step 2 above.We know you may be in a scary place right now, and you maybe be afraid to make a bad decision because your last loan is toxic and you got hurt by the broker/lender. We understand, most of the people here who are helping have been there, in your shoes. There are very few guarantees in life, but I'll give you this one:

*Unless you take action to help yourself, your financial position is only going to get worse, never better.