Octuplets Family $23225 Behind On Mortgage Payments. By Meg Marco , 9:58 AM on Thu Feb 19 2009, 16031 views. CNN is reporting that the house that the octuplets mom is living in is currently in default, and the mortgage owner, …

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what is the best thing to do when you are behind on mortgage payments and you can’t re-finance?

well, let me tell you this is happening to my son right now….he has tried to sell the property but with the market being so down and falling more every day…he has been unable to sell. as of april he defaulted and on august 18th his home will be auctioned off.

you could let it go into foreclosure and walk away…that is happening everywhere right now. you will be able to purchase property again (federal law gives you that right 24 months after foreclosure date).

you should also contact your mortgage co. first and see if they can offer you any assistance.

lastly, let me suggest —do not accept any of these offers on the internet where they guarantee to REFI you…..it will again be a scam similar to the Arm and you'll be farther down than you are now.

what you are looking for is a refi with a 30 yr fixed no early prepay penalty and this is really hard to find in this market right now unless you have exceptional credit.

good luck and stay away from the scammers.

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Here is a news article on related topic:-

Housing crisis trickles up

Luxury-home owners are falling behind on mortgage payments at the fastest pace in more than 15 years, a sign the US financial crisis that began with the …

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For the thousands of homeowners who are behind on mortgage payments or in a dispute about how much is owed, getting accurate information about a loan can be difficult. Negotiating a resolution — especially when a series of lenders and …

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Can qualify for a HELOC if currently behind on mortgage payments?

if your credit does not show your late payments, then try applying for a heloc. if not approved, look at a credit card and think about using it as a checking account, withdraw as you need to and deposit income every pay period. u1stfinancial.com has more information about this concept. look into it.

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