Need Advice on Whether to Make Your House Payment or Not?

Many people are upside down on their mortgage. Also, many people are about to fall behind on their house payments or are already behind on their mortgage payments (and equity lines and/or second mortgages). With all the uncertainty that is looming around the corner, people are being confused by so many mixed messages. Many home owners don’t know if they should short sale their properties, do a Deed in Lieu of Foreclosure, or let the foreclosure occur. Please keep in mind that each person’s situation is different. Some people just want to get past the problem immediately and put this worry behind them. Other people may wish to use every legal tactic to stay in the home for 2, 3, or more years, while saving their money (in a safe place) because they are not making their mortgage payment.

It is crucial that you get the right advice and make an informed decision. There are hundreds of questions that can be asked and answered and we’ve provided a small sample Q&A below.

There are totally brand new programs for home owners in distress that seem to be coming out on a monthly basis. It’s important to get the right information. If you are curious about what your best options are for your credit and debt then you have come to the right place. Once you have all the information you can then form a strategic plan that will serve the aspects that are most important to you. We look forward to answering all your questions. Remember, those who fail to plan, plan to fail.


Q.        Will they throw me in jail because I can’t afford to pay any longer?

A.        Don’t be silly. If I owed you money, I stopped paying you, could you throw me in jail? NO!


Q.        Is it true that some people remain in their homes (after they stop making their mortgage payments) for up to 3 years and longer – while other can get kicked out in only 5 months?

A.        Yes.  Different states have different procedures and consumer rights.


Q.        Will I automatically owe money if they foreclose on my house?

A.        Here are a few scenarios for you to think about.  If the bank forecloses on your home and then sells your home in a portfolio pool of a hundred other properties at 20 cents on the dollar, does that mean that your home was only worth 20 cents on the dollar?  The answer is no.  Think of this scenario.
What if the bank forecloses on your home, the bank waits 5 years to resell your home, and then the real estate market turns around and the bank sells your home at double the price of what you bought it at? Do you owe the bank any money? NO! (Could the bank possible owe you money? Yes, but the odds of you collecting a penny would be a miracle).


Q.        Do some banks forgive debt to some consumers after a short sale or foreclosure?

A.        Yes. Why not you?


Q.        Do some banks settle $100,000 debt or more with consumes after foreclosure for less than $10,000?

A.        Yes – Why not you?

How to solve this with ease? Most people may be scared to take our advice; they would rather lose every penny to the bank, and let the bank screw them rather than fighting the good fight.  (See next question.)

Better question – If the banks give some people good deals, but other people they don’t – why should you be offered a bad deal instead of one of the good ones? Which deal should you take?  How do you get that deal?  See our “Need Your Debt Reduced” Page.


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