You bought a house and now you can’t afford it.  The only thing you want to do is get away from this house because it is causing you more stress than you care to handle.  There are several options available to you.

The first is contacting your mortgage company regarding a possible loan modification.  If your circumstances fall into their guidelines, given some paperwork and time, they may be willing to modify your loan so that the payment is reduced.  Loan modifications take time, so don’t wait until you receive a foreclosure notice before taking this step.  If you can’t make the payment, don’t avoid them, be honest and tell them.  They may be willing to assist you by restructuring your loan which may allow you to stay in the home.

If a modification does not reduce your payment to a manageable level, the next step is to sell your house as a short sale.  A short sale means that the mortgage company will take less than what you owe from a buyer.  This gets you out of the house and avoids having a foreclosure on your credit report.  Short sales also take two to four months to complete, so again, don’t wait until a week before the mortgage company evicts you.  If you wait too long, there will be no way for you to avoid the foreclosure process.

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Many Americans won’t sleep well tonight. They will toss and turn, and try to figure out how they can save their homes. The mortgage is past due, and the bank is threatening foreclosure. How well will you sleep tonight?

Fortunately for these Americans, there is a program in place that allots $75 billion dollars to help save homes from foreclosure. To date, this program has helped to save over four million of the homes that would have other wise been foreclosed.

The program does more than help to catch the mortgage up. It also serves to restructure these mortgages, so that they are more affordable for the home owners, and there is less chance that the home will go into foreclosure in the future. Furthermore, as a part of this restructuring program, $1000 will be taken off of the amount you owe on your home each year for five years. Your payments will be restructured in such a way that they do not exceed 38% of your income.

The banks are highly motivated to work with you in the restructure of your mortgage as well. They are paid $1000 for every mortgage that they restructure under this program.

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