Is Your Mortgage Unmanageable?

Change the Course on Your Unmanageable MortgageChange the Course

Navigate Away from an Unmanageable Mortgage

Almost one fourth of all U.S. homeowners are “underwater” on their mortgage, which means they owe more on their home than the net proceeds they would receive if they sold it. While selling the family home used to be the obvious short-term solution to raise cash and reduce expenses, this is no longer a viable option for many financially strapped homeowners today.

Banks Don’t Want Your Home

Banks have foreclosed on so many homes in recent years that their inventory of foreclosed properties is more than they can expect to sell in an entire year’s time. The good news is banks don’t want to be in the real estate business. They would rather you continue to own your home than to let them have it.

Foreclosure Avoidance Programs

The federal government, along with many state and local agencies have implemented foreclosure prevention initiatives which may help you keep your home or complete a successful short sale. We’ve developed a website filled with resources to help you navigate this difficult time in your life. Check your eligibility for government programs on our Foreclosure Options site.

Beware of Scams

With the rising number of homeowners in trouble, scam artists are trying to profit by promising relief from foreclosure, and desperate homeowners sometimes grasp at any offer of help. Your first red flag is when the offer of help sounds too good to be true. Instead, check into free assistance offered by HUD-approved counseling agencies.

Guidelines to Avoid Falling Prey to Scams

When you receive an offer to help modify your mortgage, understand there are never any guarantees and never:

  • Pay a fee
  • Sign a contract
  • Sign over title to your Property
  • Redirect Mortgage Payments
  • Stop Making Loan Payments

Especially beware of anyone who says that you don’t need a real estate professional or title company when selling your home. In a short sale, the lender allows real estate fees to be paid, so you can enlist the assistance of a knowledgeable Realtor with short sale experience to navigate these waters for you.

To report a suspected scam, call 888-995-HOPE (4673). Find more information at: or

Each month we publish a special report just for distressed homeowners. You can see the current report by visiting and see all the archives at the Resources tab.


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