10 Things You Should NEVER Do If You Can"t Pay Your Mortgage

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If you are a homeowner having trouble paying your mortgage please know that you are not alone! There are tens of thousands of property owners across the United States who have missed their payments already or will miss this month's payment! There are options for you and there is hope! Here are 10 Things that you should NEVER do if you are about to fall behind or are behind on your mortgage: 1.
DONT bury your head in the sand! Although it can be tempting to just do nothing and let the cards fall where they may, DONT! You HAVE options and need to do something to change the situation.
In a recent poll taken of people who did nothing and ended up having their property foreclosed on about 94% said they wished they could do it over again.
They would look into other options, discuss the possibility of a short sale, or at least try for a loan modification.
2.
DONT call and yell at your lender! Will you feel better? Probably, but what about the poor customer service rep whom you just yelled at that doesn't care if the bank gets any money or not? The decision makers that you need to talk to about your situation probably will never take your call leaving you ranting and raving to someone who can't change anything and now probably wouldn't if they could! "You can catch more flies with honey" definitely applies here! You can be persistent and still be professional..
..
you'll get much further! 3.
DONT sell your home at a deep discount when you have equity! If anyone from "We buy your house for cash in 7 days" or something along those lines offers to buy your property then chances are you could sell it for a much higher amount by utilizing a professional real estate agent, thereby putting MORE money in your pocket at close.
Always talk to a real estate professional before selling your property - there should never be a charge or a fee for a consultation and a good agent will probably get you much more money then some investment company looking to make a quick buck.
4.
DONT deed your property over to any third parties! Most of the time when someone asks you to deed your property over to them it is a scam! Always consult an attorney or professional real estate agent before signing any paperwork like this! If the person tells you NOT to discuss it with anyone then run the other way as fast as you can! 5.
DONT try to do a short sale or other foreclosure avoidance method alone! It's a good idea to do as much research as possible about short sales, loan modifications, deeds-in-lieu, etc.
Then contact the industry professionals in your area and let them help you through the process.
Just because you watch "HOUSE" doesn't mean you can run out and start performing surgery! 6.
DONT pay any ridiculous upfront fees! Many short sale agents do not charge any fees upfront.
If they do it's usually a small fee less than $500.
00 and covers marketing, paperwork, etc.
Real estate agents are paid at closing from the lender.
Loan modification specialists should charge right around $3000.
00 for a successful loan modification.
If you are quoted anything higher than these amounts you should find someone else to help you.
7.
DONT strip items from your house! This is a crime and you can be prosecuted for it! I know it can be tempting to tear up that carpet and raid the cabinet hardware and sell it all on eBay but it's a crime and it's not worth it.
Many of these people are being caught and prosecuted fully by the lenders.
8.
DONT hire just anyone to help you!.
Know whom you have helping you through this transaction.
Do your research, learn everything you can about the process, then call the specific professionals in your area and ask them some questions.
I'm sure there are a lot of real estate agents in your area but how much do they know about short sales? Be sure to ask! Not all attorneys are versed in real estate laws so call around and find out! And not all loan mod specialists are all that special! Do your research - if they can't answer your questions, promise more than you think they can deliver, or if you just aren't comfortable with them then move on.
9.
DONT get discouraged! Saving a home, saving your credit, or investing in your future are not quick fixes and can take time.
Don't get too discouraged through the process and keep your head high and a positive attitude.
It will not only make you feel better but sooner than you know it you'll hear those magic words "WE HAVE AN APPROVAL!" 10.
DONT give up.
When you have missed a mortgage payment or know you will be missing one or more in the future it can seem like you are in scary, unfamiliar territory.
You may ask yourself; "How did I get into this? How did I let this happen?" Please know that you are not alone and there IS hope! You have options and there IS a light at the end of the tunnel.
The only person who can make the decision to fix this problem is you and YOU CAN DO IT! Now go out there and take your first step toward FREEDOM from your mortgage problems!
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