Yes, it can feel like drowning, out in the ocean with the sharks (bankers, creditors, attorneys, etc.) circling, ready for the “kill.” But it doesn’t have to be that way. Look at the cover of my book. There’s a lifesaver and a rescue boat in the picture too!
When it comes to a mortgage it’s an important, big ticket expense, with strong emotional components. When financial difficulty strikes (e.g., loss of job, business failure, major illness) many people just stop paying. And that may be their only option. Either food on the table or gas in the car, or pay the mortgage, but you may not be able to do it all.
Join the crowd, millions of families are in the same boat, or perhaps the boat sank. But there are alternatives. Bankers may have a bad reputation, but they don’t want your home. They already have too many, and besides that they’re in the banking business, not real estate management. And federal agencies like Fannie Mae and Freddie Mac are there to help you too. After all they own most of the mortgage loans, and like the banks, they want to protect their investments and curtail losses.
There are numerous options available to homeowners in mortgage trouble. For a good overview visit: www.freddiemac.com/avoidforeclosure/alternatives_to_foreclosure.html
