It is projected that 1 in every 5 subprime loan will go into foreclosure next year. The reason for this projected spike is due to the Adjustable Rate Mortgages that were issued during the mortgage "boom" between 2004-2006. Homeowners that expected they would be able to refinance, or sell their home with a large amount of equity are now "sweating" their upcoming payment adjustment. Payments can adjust 100's of dollars during the next change.

This adjustment is going to leave homeowners stuggling. You can do something. Even though you signed an agreement stating you understand the payment will be rising, you still have options to keep that from happening.

Of course you can sell your home. The only problem with this is, in most markets homes are sitting listed for around 6-9 months. Homeowners are being forced to sell their homes so cheap, they are losing all equity, and as we all know, many times being forced into foreclosure.

The fact is, the mortgage company as a whole does want to help you. They don't want your house back. If they take it back, it is just something for them to try and sell. Really, your problem just becomes theirs. However, what so commonly happens is, the homeowner tries to call and reason with the mortgage company. The representative on the phone just doesn't really care as much as the mortgage company does. Because your personal mortgage really has no effect of the representative on the other end of the phone. What do you do? You don't do anything. Because the one place you thought to go for help has left you feeling alone, and helpless.

There are so many options that are available:

Loan Modifications

Shorts Sales

Repayment Plans

Forbearance Plans

Deed in Lieu

Partial Claims

So many options that the representative on the phone with your mortgage company has not introduced you to. At this point, you will find in necessary and helpful to find a loss mitigation company to negotiate on your behalf. When all else fails, it is best to get outside help from professionals who interact with your mortgage company daily, and who can present you with all of your options. Just as when you need to file Bankruptcy, you could technically do it yourself, but to make sure it is done right, you hire an attorney. The same goes for repairs. If your car breaks down, you could read the manual, and try to fix it yourself...but in the end it is usually better to take it to a mechanic.

Just know you are not alone. Millions of people across the United States are in your same position right now and there are people out there who truly want to help.

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