How To Save Your Home

Times are hard. Americans are overwhelmed with bills and responsibility. At this moment, I'm super frustrated with this melancholy economy. It makes me sad to see so many people treading the waters, sinking and even drowning in debt. Especially, those who could lose their homes. Home is where the heart is right? So people should be able to stay in their place of peace, place of comfort and joy. For some, that place is like a prison, with no where to go. No money to spend to eat out, no money to go see a movie, no money for gas to even get to a job. It sucks. And unemployment is not that great of help. You bring in some money and they want to penalize you for making some income by reducing your unemployment amount. How does that make sense? It doesn't. It makes no sense at all.

You know what else pisses me off. These work-at-home people telling other people they can make 60K+ a year. Now, I work from home for a legit company that I researched and I'm doing okay for myself. BUT realistically, 98% of work-at home businesses fail. Why? Because people lie!!!! The pull you in thinking you are going to be doing one thing and then it's completely something else. It's giving us who really do enjoy working from home and helping others a bad name. (This is a whole other issue, maybe I'll write about later)

Anyway, back to helping you save your home...

Pick Up Your Phone

Pick up your phone and call your lender. It's okay they are not going to bite. They will understand you're in need. Work with them so they can help you figure out the best plan for you and your family.
Pick up your phone when the lender calls. They are trying to help. It's not too late!
Here are possible solutions to discuss:

Refinance: Maybe you got stuck with an ARM (adjustable rate mortgage) for whatever reason. You need to get a fixed-rate loan. Maybe you need to shop around other lenders before you make your final decision.
Payment Plan: I worked in the mortgage industry for 4 years. I've seen people get on plans that lasted anywhere from 2 months to 18 months. A payment plan is an option if you are not in foreclosure. Requires a down payment.
Loan Modification: In order to reduce your monthly payment you may need to re-write a whole new loan. Most likely you will get a new loan number.
Forbearance Plan: A FB Plan is used once you have gone into foreclosure and you are trying to get out. It works similar to a payment plan. Requires a down payment.

Maybe none of these are what you need. Sometimes a simple due date change is needed. Instead of the 1st of the month see if you can pay on the 20th.

Maybe you just need to move into a smaller home. Sell the one you have for what you can. Cut your losses and move into a more affordable home. I know it's not that easy to just move, but at least it can save you and your family some stress and worry.

I would Avoid These

I would definitely avoid these situations if you can.

Short sale: A short sale is when you and the lender agree to pay a very small portion of the balance left on your note. For example, if you have a 100K balance, it's possible you might have to only pay 3K, 5K, or 7K. It all depends on what you workout with the lender. Or if you are selling your home, it depends on how much you are getting for it. If you have a second mortgage (which I do not recommend having one of those) you might only have to pay them $1k to get out of that obligation.
Deed in lieu: A deed in lieu is basically when you just give back your property to the bank via a deed.

Also, if someone comes knocking on your door (yes, people do this) saying they can help save your home if you pay them x amount of dollars, then go tell them to shove it. Okay, maybe do not say that but tell them you are not interested. These people are scammers. So beware!