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How can we survive high mortgage payments?
We bought our home in Sacramento at the near height of the market and were able to refinance a couple years back at a 30yr fixed rate. Unfortunately, as our family has grown, our paychecks have not. In fact, some of our income has dropped dramatically. We’re doing everything we can to maintain a budget, but our food and gas expenses are growing and the highest percentage goes to mortgage payments. We’ve made every payment on time, but we’re tempted to stop paying and look for a program that will help us restructure our loan (if that’s how it works, I don’t know). Unfortunately, it seems like there are a lot of scams out there and there’s no way we could afford another refinance if it will cost us money.
What can we do?
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Try contacting makinghomesaffordable.gov – the service is free and is not a scam, I know I’ve been there done that. Unfortunately without having missed a payment it will be necessary to be deliquent. You are not alone. Good luck.
Jen
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LikeDislikeHope things are going better for you Flounder! If you still need help, I know a few people who have been hit hard by this economy and found themselves in similar situations. The tried working with the banks, but found there was little incentive for the banks to help with a restructuring or modification, so one just walked away and another couple did short sales. Either way your credit will take a hit for several years, but sometimes you gotta do what you gotta do. Good luck! Information is out there! If you belong to a union, they may be able to direct you to a meeting or class that can walk you through part of the process.
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