You can also qualify for a loan modification if you are upside down on your mortgage, more than 30 days late, and have suffered a financial hardship...such as your husband losing his job. The bank actually lowers your rate and in some cases reduces your principal so you can stay in your home.

If you have any questions, I have been doing this for a couple years now. Please don't hesitate to email me.

mconnelly@usmortgagebailout.com

My name is Mark

Maureen,

I'm sorry to hear about your husband's job loss.

You don't need a mortgage principle reduction - you need a short sale. There are agents out there who specialize in working with the bank to convince them that you have hardship and that they should allow you to satisfy your loan for less than you owe. In essence you will list the house with an agent and they will find a buyer. Some time during the process the agent will negotiate a price with the bank that is acceptable to you and hopefully to a new buyer. The reason that I recommend a short sale instead of a principle reduction is that it would seem that you no longer need the house. A principle reduction would mean that you still own the house but have a smaller mortgage. Why not sell the house and not lose any money?

There are plenty of agents out there who will tell you that they are "short sale experts" but sadly for most that means they have done this once or twice in the last year or two. Do yourself a favor and call Tessa Anderson with Bell Home Realty (please email me for her contact information - or go to http://www.bellhr.com). This is all she does and she handles hundreds of these every year. She is not an agent but works with agents who will walk you through the entire process.

Good Luck!!

Cameron Piper