A lot of people are looking at their debts and trying to save their house. Maybe they either brought too much house or they had some financial difficulty like job loss since they signed their mortgage. Either way they are facing foreclosure.

If the problem looks like it will be long term you may be facing a “mortgage workout”. It could be a good thing. Since the workout in mortgage workout refers to working out a deal. A mortgage workout is an agreement you make with a lender to change the terms of repayment for your loan in order to keep you out of foreclosure.

• Reducing or suspending your regular payments for a specific time
• Extending the length of your loan by adding missed payments to the end.
• A Short sale (An agreement to let you sell for less than you owe and the waiving of the rest of the debt.)
• The spreading of missed payments over several months.
• A peroid of interest only payments

If you really want to keep your house the mortgage workout may be in your best interest. Do a little research and prepare for the negotiation. Hopefully you’ll be able to save your house.

Your Brother in Debt

John