Paying Your Mortgage

This is a Sponsored post written by me on behalf of Fannie Mae. All opinions are 100% mine.

With the economy still not what it should be, paying bills can be tough.  I know a few friends who either lost their job or took a pay cut (and are happy they at least have a job.)  Those friends are also now struggling to pay their mortgages, luckily not yet on the verge of foreclosure.  I know for my family we live on my husband’s income and our mortgage would be hard (if not impossible) to pay if we didn’t have his exact paycheck.

If you are struggling with your mortgage there are two ways you can leave your home:  Short Sale or Foreclosure.  I had no clue that a Foreclosure on your credit takes seven years before you can purchase a home, but with a Short Sale on your credit you may be able to purchase a home in as little as two years.  We have been fortunate to always make do and pay our bills, but I know it is good to know the possible options if we do struggle. Know Your Options by Fannie Mae is a great resource site.

Another thing to watch out for if you are planning to buy a home and seeking mortgage advice is if you receive an offer that is too good to be true, it probably is. You do have to beware of scams though because scam artists are stealing millions of dollars from distressed homeowners by promising immediate relief from foreclosure or offering counseling services for a fee. (HUD-approved counseling agencies provide the same services for Free!)

Visit KnowYourOptions.com for help and advice.