Borrowing money to pay the mortgage

These days, many homeowners are finding themselves in the difficult position of simply not having enough money to pay their mortgage. What can they do, aside from defaulting on their debt and possibly having the bank foreclose on their home? Carmen Wong Ulrich offers some advice for what to do when borrowing money to pay your mortgage is your only option.

 






















 

If you have a financial question you'd like Carmen to tackle, post it here in the comments or email us directly at ivcommunity@mail.ivillage.com


Watch Carmen Wong Ulrich's 'On The Money' Weeknights at 10PM ET on CNBC! Find more information on coping with the economy with our Bail Yourself Out resources.

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