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These days, more and more people are struggling to make their mortgage payments. In addition to high unemployment rates and stagnant wages, many homeowners are experiencing trouble with excessive interest rate adjustments. If you are concerned about how you will afford your mortgage and are thinking about seeking a loan modification, take a moment to first consider your options.

The reality of home ownership, especially in a Florida real estate market that continues to struggle, is that many people are unable to afford to make their mortgage payments. Owning a house comes with so many expenses, such as maintenance and insurance, that at some point people start making choices about which bills to pay and which not to. Eventually, the result in many instances is that debts pile up and creditors start making phone calls.

If you are overburdened by debt, the decision by a creditor to garnish your wages only makes the situation worse. Fortunately, with the help of an experienced attorney, you can take steps to prevent or stop wage garnishments and protect the income that you will need to get your financial situation back under control.

Many people struggling with debt automatically dismiss bankruptcy as a solution. There are many reasons for this reaction. Some are ashamed of their situation and do not want others to know they are in financial distress. Others are afraid they will lose everything they own. Still others worry bankruptcy will forever bar them from getting credit again.

Individuals who work hard to support their families are often under the mistaken belief that they will lose all their assets, as well as their reputation, if they file bankruptcy. Unfortunately, these and other myths can prevent people from getting the debt relief they need.

During the housing bubble, many homeowners came to believe their houses would continue to steadily increase in value. Several refinanced multiple times, while others took out home equity lines of credit. If you took out a second mortgage on your home and now owe more than the house is worth, you may be able to eliminate the subsequent mortgage.

If you have a debt that has not been paid for a significant amount of time, it is likely that your creditor will go to court and try to obtain a judgment against you. With a judgment in hand, the creditor can use various methods to collect on the debt. Typically, you will receive many harassing phone calls and be subjected to other collection tactics that cause you a great deal of stress.

During the housing boom, people were purchasing investment property as a way to increase their income. When the housing bubble burst, many owners were left with rental properties that were worth less than the balance owed. If you are underwater on your real estate investment, you may be able to obtain a court-ordered cram down to reduce the amount due.