ON Canada - did you talk to the bank prior to skipping a payment? You may want to consider refinancing your current mortgage if the rates would make sense. Email me if you are in Ontario and I will be more than happy to review your consideration victor_catalan@centum.ca - Victor Catalan (647) 378-2143.

You should contact your bank right away and explain your situation and arrange the missing mortgage payments asap. You should not have a problem if you do that. Make sure when ever you miss a payment to keep in touch with the bank and let them know what`s going on.

Yes, if you keep the bank in the loop when ever there is a problem and a payment will be delayed . Usually the bank is ok when you keep then in touch and make the payment at your earliest convenient. If you speak to your creditors you always can have a solutions which will give you some time to resolve the financial situation and to keep your mortgage.

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My wife and i have an old home with a heloc on it. we built a new house and are unable to get a heloc with our equity we have in it. with the market these days, we may have to take an offer that wont cover the amount left on the mortgage and the original heloc. what are the options? we were told about "short sale"s of homes, which looks realllll drawn out, difficult and embarassing. is it possible to form a payment plan to the bank with the heloc for the amount we are unable to cover from what we borrowed? of note, we never missed any payments on either home.

Usually you have two main options. Option 1 - come up with the difference and bring it to the closing table. Option 2 - get the lienholder to agree to take less than full value for what is owed them (good luck with that - short sales are seen as a loss mitigation technique for borrowers who have missed payments and aren't going to end up in a new home). Short sales can only be done with the permission of the bank that holds the note . You will not be able to close on the sale of your house without supplying a clear lien-free title. This means you must figure out a way to do that or you can't sell the house!! good luck!