| One of the best approaches to solving financial trouble | | | | assets (like a second home). |
| is to reduce or eliminate your mortgage. Banks and | | | | Surprisingly, the advantage when it comes to |
| other mortgage lenders do not typically work with you | | | | mortgages lies with the homeowner and not with the |
| to ease the financial burden of a mortgage without the | | | | lender. In compliance with mortgage and loan |
| threat of foreclosing on your home or property. Most | | | | regulations, most mortgages are no recourse loans, |
| homeowners are told that they should have borrowed | | | | meaning that in the case of a default, the lender can |
| less money from the onset, refinance to obtain a | | | | only recollect the property value and not seize other |
| lower interest rate, increase the frequency of your | | | | property or initiate a lien on wages. For anyone in a |
| mortgage payments, or pay ahead each month | | | | negative equity home, defaulting is rational even if you |
| towards the loan principal rather than just the interest. | | | | can still afford your monthly payments. You can use |
| Of course, if you have poor credit and are unable to | | | | this to your benefit to get out of a depreciating home |
| use those finance options, you are out of luck. | | | | and into a better mortgage settlement. |
| If you do choose to sell your property to avoid | | | | Our mortgage settlement program completely |
| foreclosure, but due to a lull in the real estate business, | | | | removes the mortgage obligation in 90 to 180 days. |
| the sale does not generate enough cash to pay off | | | | We utilize little known bank laws which exposes the |
| the balance of your mortgage, President Bush passed | | | | fraud that all lenders commit when they create a |
| a law at the end of 2007 that may help you. The law | | | | mortgage. Until the real estate market bounces back, |
| makes mortgage cancellation possible for some | | | | families will be burdened with properties that have |
| taxpayers. If eligible, the balance on your mortgage that | | | | depreciated in value making mortgage refinancing |
| exceeds the sale price of the property will be forgiven | | | | unfavorable. We have quietly completed hundreds of |
| by the lender, eliminating your debt on the home and | | | | cases. Why would you work with a banking or finance |
| freeing you from the mortgage loan. It is important to | | | | professional to find a solution for just lowering your |
| note that some state laws allow lenders to require | | | | payment when you can totally eliminate it legally? |
| repayment in the case that the borrower has additional | | | | |