Sometimes re-financing is an option to foreclosure, but may not be possible if you owe more on your home than a lender is willing to lend or if your credit score is too low. With the mortgage meltdown our nation has experienced and its impact on home values you may not be able to borrow as much as you need to pay off your first mortgage. Also, if your credit score has declined since you purchased the home, you may not be able to qualify for an interest rate that will truly improve your situation. So, how else can you possibly prevent foreclosure?

Have you considered mortgage mediation as an option? 

According to Clark Howard, the FDIC has been working out mortgages with former IndyMac customers who owe more than their homes are currently worth.  “So far, the FDIC has lowered monthly mortgage payments for IndyMac customers by $430; they're adhering to a flat 38% of the homeowner's income. Meanwhile, other workouts are being orchestrated by Bank of America for their Countrywide division.” This information is posted on Clark’s website at the following link:http://clarkhoward.com/shownotes/category/4/125/131/

Is your Mortgage company willing to work with you? Do you know how to contact the right people who can commit to a binding decision? Will you understand the consequences of documents the lender will ask you to sign? If you would like to discuss a work out plan with your mortgage company and would like assistance during that process, consider using the services of a licensed Civil Mediator who is also experienced in handling Real Estate law issues.

Byrd Garland with SWWW in Jackson, Georgia is a licensed civil mediator with thirty-five years of experience handling Real Estate Law. Byrd will gladly assist residents of Bibb, Butts, Clayton, Fulton, Henry, Lamar, Rockdale, Spalding and other metro counties of Atlanta. 

Please contact Byrd Garland at 770-775-3188 with questions or to make an appointment and discuss your situation.