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Falling behind on your mortgage payment is never a good thing. But it's especially stressful when you're already retired and trying to get by on a fixed income. If you're retired and find yourself in a situation where you can no longer afford your mortgage, you may be wondering what your options are. Here is some general advice. Loan modification Before making any drastic decisions, a good first option is to look into a loan modification. If your mortgage payments are simply too high and a lower payment would make it feasible, you should see if you qualify for a loan modification. Unfortunately, this option doesn't always work for everybody. If your debt to income ratio is too high for instance, a loan modification may be out of the question. Also, if your situation was brought on by unforseen emergencies such as expensive medical bills, a loan modification may not be sufficient to solve your problem. Stay or walk away? For the retired who've exhausted all other options. Sometimes it seems the only choice remaining is to walk away from the home. This is a difficult decision that shouldn't be taken lightly. Before you consider a deed in lieu of foreclosure, you need to take into consideration the long term consequences, especially when it comes to your credit score. Often times, simply walking away from your home won't fix the root of the problem. Most of the time, financial problems will continue to exist after foreclosure. You will still need to find a new place to live for instance and may even need to go back to work to make ends meet. Finding a job and a place to live become much more difficult with a foreclosure on your credit history. If no medical reason is keeping you from working, you may want to continue going back to work for a few more years to create a more stable financial situation for yourself before retiring for good. Consult professional help Typically, the best course of action is to carefully review your retirement plans and financial situation and then consult with professional help such as a housing counselor or foreclosure attorney. Because no two situations are exactly the same, a professional's help is invaluable when determining what course of action to take. Business, real estate, and bankruptcy law and litigation news brought to you by mbblegal.net Source: foxbusiness.com/personal-finance/2014/02/20/when-to-seek-deed-in-lieu-foreclosure/ :cool: :cool: :cool: