Refinance - Refinance to a lower fixed rate that one truly can afford. Take advantage of the Obama Administration's Stimulus Package that includes the Recovery Initiative to help refinance homes when owing more than the property is worth. If one has an FHA loan, use an FHA Streamline refinance which does not depend on appraised value. The refinance should be the first action attempted to obtain stability, but if one truly has a hardship and a refinance will not fix the problem, or cannot be done, then proceed to the next solution. 2. Short-refinance - Which is also part of the Obama Administration's Recovery Initiative. This would possibly allow for new loan to be obtained that pays the current lender less than the total amount owed. The lender being paid off accepts this "short payoff" as payment in full. This is a complicated procedure, should be handled by professionals, and is not available to everyone. If one truly has a hardship, and neither this nor the previous action will or can solve the problem, then proceed to the next solution. 3. Loan Modification - A loan modification does not pay off the current loan, but changes the terms of that loan to better suit the current financial situation of the borrowers. Not all lenders are participating in this process, and it is a complicated procedure. However, if handled properly, it has been successful in promoting stability. If one truly has a hardship, and neither this nor the previous two actions can or will solve the problem, then proceed to the next solution. 4. Short Sale - This is a process where the property is sold at the current market value, and the lender(s) who are secured by the property accept less than the total amount owed as payment in full. This is a fairly drastic measure, but if a borrower got into a loan that was not affordable or has become unaffordable, and none of the previous three solutions can solve the problem, then this may be the best way to end the "nightmare", and get things headed back in the right direction. Some people try to solve the problem on their own, and have been met with varying success. It is best to contact a professional for help and advice. First Mortgage has an entire team devoted to helping people navigate the situations they have managed to get into. Take advantage, and leverage other people's experience. Do not take the entire problem on. It is not necessary when there is professional help out there. Tom Jarboe (www.tjarboe.com) is an originating Branch Manager at First Mortgage Corp., an Adjunct Professor at Mt. San Antonio College, a previous President of the San Gabriel Valley Chapter of the California Association of Mortgage Brokers, and has a Master of Real Estate Development Degree from the University of Southern California.

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