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im behind on my morgage because i have to much deb

Submitted by juice1886 on Tue, 05/24/2011 - 12:53
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im behind on my morgage because i have to much debt how can i fix this be fore they forclose on me


This is a big problem. Mortgage is a secured debt, so you need to take care of it first. You can request your creditor to extend the time limit. You can also negotiate with your creditors for a repayment plan. But the best option to repay mortgage debt is refinancing.


Submitted by on Thu, 05/26/2011 - 04:22

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Hi,
Being behind on your mortgage can become a very serious issue, if you don't tend to it immediately. Since mortgage is a secured loan you should start paying your mortgage before you pay back your other debts.

You can opt for a refinancing after talking to your mortgage lender. You can either choose cash-out refinancing or extend the term of your mortgage so that your minimum monthly payments reduces.

Hope these suggestions will help you

Thanks :)


Submitted by scarlett.brooks13 on Fri, 07/15/2011 - 22:02

scarlett.brooks13

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Juice, as you're behind mortgage payments, refinancing can't be an option for you. In order to refinance your mortgage, you should be current on your mortgage payments and have equity in your property. Presently, you're delinquent, so forget about refinancing.

As you want to avoid foreclosure and save your property, you should contact your lender and apply for a loan modification. In this process, the terms and conditions of your loan payment will be modified which will make it easier for you to pay off the loan in an affordable manner.


Submitted by prompet on Tue, 08/23/2011 - 23:48

prompet

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