Refinance: If you have that ever-popular Adjustable Mortgage, now is a great time to refinance into a fixed rate mortgage. Check with your current loan officer on the options available to you that will, in the long run, save you a lot of money. Don’t wait though, the credit standards are tightening up, and, depending on your credit, you may not qualify to refinance in the future.

Sell Your Home: Here’s where it gets tricky… If you have some equity built up, selling may be a good option. I can perform a Comparative Market Analysis that will allow you to consider your options. In some cases, you may owe more than your home is worth...short sales are becoming more popular, a strategy that involves negotiating with your lender while you sell your home for a loss.

Communicate with your Lender: If you cannot afford your mortgage, talk to your lender before you get behind in your payments. In order to avoid the expense of foreclosure, some lenders may be willing to work with you. If you do get behind in your payments, your lender may be able to provide you a forbearance agreement...an arrangement that allows you to make back payments to avoid foreclosure. Last option when all hope is lost is giving up your deed in lieu of foreclosure. Again, to avoid legal costs, some lenders may accept this gesture without initiating foreclosure proceedings.