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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