Welcome to my website. Here you will find the answers you need to deal with financial challenges.

      At this late stage, the only option left is to file for bankruptcy which brings all this to a screeching halt according to bankruptcy law and then you have time to work something out with them.

These programs are voluntary so no one can make the banks work with you except in a bankruptcy, but it helps if the bank knows a lawyer is looking over their shoulder.

 This tangled mess will eventually be unravelled, but the bottom line is if you can't afford your house you will have to move out some day. Don't be a sitting duck. Explore your options now.

No, I do not recommend this option until you explore less drastic alternatives. Just because the house is worth less than the mortgage does not mean you should dump it. Real estate will come back up and in the end it is a place to live. It will also be very difficult to get credit again to buy another house.  Please see a reputable credit counselor that charges a nomimal fee first. There is also a bankruptcy that allows you to keep your house that you should consider.

At the risk of the obvious, pay for food and utilities first. Then ask yourself if you can keep the house. If so pay these bills in the following order: the property taxes and the first mortgage. Do NOT pay credit cards and do NOT liquidate retirement plans.  Please see a credit counselor, budget coach or an attorney before you decide to do these things.