I am 32 years old and have managed to get by knowing nothing. It is time I learn as I am in terrible trouble. My husband and I have a home. We have had our mortgage for 7 years. We got behind at one point and have not been able to get caught up. We have approx. $10k in late charges, fees and interest due. We talked to the mortgage company about a possible payment plan to put the balance at the end of the mortgage. The only problem is our payment would go up. We are paying $1500 a month as it is. We had poor credit when we purchased our home so we have been behind the 8 ball for a long time. We have since worked on our credit, paid our bills on time but we cannot seem to figure out this balance or how to get rid of it. It seems nobody can help. Is there an option out there that we are missing. We have 2 small children and I am a stay at home mom. We need advice.

Is there anyone out there that can recommend something to be done. Refinancing seems to be our only option but i don't see how that will happen given the balance we have? Are there any finance companies out there taht will do that? Please someone help me figure this out. What do we do???? I am desperate to figure out how to get rid of this debt. I am afraid we are knocking on the door to foreclosure. Please someone help me.

Hello, Is your house value now below your total mortgage? If it is, go and sit down across from them (not the phone) and explain your situation. It is or should be in their best interest to work out a payment for you to keep the house. Foreclosures do cost these banks allot of money. Maybe someone else here has more or better suggestions. Regards, Robert

Hello, Is your house value now below your total mortgage? If it is, go and sit down across from them (not the phone) and explain your situation. It is or should be in their best interest to work out a payment for you to keep the house. Foreclosures do cost these banks allot of money. Maybe someone else here has more or better suggestions. Regards, Robert

Work with your mortgage company, they typically have several options available. But understand, you owe them this money and therefore need to pay it back. The best option you have it to do a restructure where they add it to the back end of your loan. At least, this is the option that gets it resolved quickly and easily.

Sure, your payments will go up. But if you got a loan from a bank or anyone else you'd have payments, too. If you don't have the cash to pay it off and get caught up, then the only other option is to borrow the money and pay it back over time with the increased payments.

Get a 2nd job part-time, or find some ways to cut back to make the extra money necessary for the increased payments.

Refinancing may be a possibility, but your lender will typically already have suggested that. If you are not current on your existing mortgage, it is likely another lender will not let you refinance. The best bet for refinance is talking to your existing lender.

If the housing market is unaffected where you live, you could sell and move into something you can really afford. However, if it takes time to sell, you may run the chance of foreclosure.

Lastly, bankruptcy can protect you and prevent a foreclosure, but try to avoid this at all costs. It should be a last resort.