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May 28, 2008 9:24 am US/Pacific

Inflating Mortgate Payment

QUESTION:   We have received the dreaded notice that our mortgage payment is adjusting, or should I say, inflating. The new payment will be twice the amount of what it is now and we can not pay that. Are there any programs that can help up to save our home? We have never even been late on a house payment and we can't afford them. Please help us to save our home.

ANSWER:  If you have equity in your home, I would look at refinancing as quickly as possible.  If you do not have any equity, and are unable to refinance I would call the HOPE NOW ALLIANCE program at 1-888-995-HOPE.  This program is designed for folks just like you, who have not missed any payments, but would like to stay in their home with the potential restructuring of your current note.  Lenders are more apt now to work with you on possibly restructuring your loan into a structure you can afford.  I would call HOPE NOW today!
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Money Matters is provided by:

David Schauer, CFA, MSFA, CFP®
Financial Planner
Hanson McClain
E-mail questions to moneymatters@kovr.com

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