Unfortunately, no. If you're like most people, the stressful search for a mortgage modification as a solution to debt problems misses an important point: most of us aren't behind with our bills because of high mortgage payments - we're behind because of our other debt.  Particularly, credit card debt.

It's true. With interest rates at an all-time low, even adjustable rate mortgages aren't much of a problem, because when they adjust upward, it's not by much.  So even if you manage to get a modification that saves you a few hundred a month, that's usually not enough to make a dent in your debt.  In fact, many people who've received recent modifications are already delinquent again on their mortgages. 

Why? Because we're so behind because of our other debt - medical debt, IRS debt and the 800-pound gorilla - credit card debt. We've gotten used to using credit cards not only to make purchases, but to fill gaps - to meet shortfalls in everything from vacations, education loans and yes, even the mortgage payment. But the credit landscape recently has dramatically changed - probably for good.

To make up for their bad lending decisions, the banks are striking back at the consumer - slashing credit card spending limits, raising interest rates and introducing scores of costly new penalties and fees. The result? Not only can we no longer count on credit cards to bail us out, but continuing to carry existing - and increasing - credit card debt can easily end in foreclosure.

If you want to keep your home, you must address the real problem - non-mortgage debt; the kind of debt we can eliminate in a DebtStoppers bankruptcy plan. To find out if one of our plans can give you permanent relief, sign up for our no-obligation, free personal debt analysis.