I am very sorry to hear about your situation and I understand how difficult a situation you are in and how anxious you must feel about all these. Unfortunately, there are a lot of people who are on the same boat and trying to figure out what they can do.
The good thing is there are quite a few options for you; but the first option really should be loan modification, whether it's short refi or adjustment in interest rates. Another good news is I have recently been hearing of successes on loan modifications, although it does take a long time and a lot of effort to get it accomplished, but the homeowners are able to get their loans modified. This is after hearing the news at beginning of this year where statistics showed very few loans getting modified. Another real important good news is that the terms of modifications are something the homeowners, such as yourself, who have good income, can actually afford and will be able to keep the house!
One of my clients actually saw her ARMâ€™s rate adjusted lower instead of higher like she was afraid of, so she was real pleased â€“ this is the regular adjustment due to the terms on ARM, not loan modification.
You should be able to do that yourself by checking out the HOPE NOW site Tristan provided; it does take a lot of time and energy, but it's worth it.
I also have some names of professionals who help with loan modifications with success - one organization does it for free or charge sliding scale fee, another a bit higher and have many successes; a most recent one is from my open house yesterday - a neighbor told me she got her loan modified, she had to pay but only after the modification was successful. She was very pleased with the service. I asked for the contact information.
Please be very careful before you stop paying mortgages, it damages your credit scores a lot, and some lenders will not modify your loan if you are behind (depending, of course). So, do check the facts before you do that â€“ by coming and asking the question, I know you are being very careful about what you do.
Another thing you should be careful about is services who charge you upfront without any promises or refund policy if the loan modification is not successful. I have seen and heard of too many scam out there; which is a real shame considering they are preying on people who are desperate.
Please click on the link below for my recent blog about one loan modification success story. I will follow up with another one but have been really busy.
Please do give me a call to discuss your situation, because a lot of these will depend on your personal situation. Do be assured that everything we discuss is confidential.
It pleases me a lot to help homeowners keep their home if they are willing and able â€“ what home ownerships are for. Very, very beneficial for all involved and other homeowners.
Sylvia Barry, MAS, ePRO
Frank Howard Allen Realtors