Part of the Making Home Affordable program is a mortgage modification program designed to help homeowners renegotiate the terms of their current mortgage loan and lower their monthly mortgage payment.
People who have delinquent credit card debt, and who are unable to work directly with the credit card company to renegotiate the debt, may want to consult a credit counseling agency.
If they wait until they miss a payment they may not qualify for the programs and may face foreclosure; lenders may be unwilling to renegotiate the mortgage at that time.
There are several types of bankruptcy, and in some cases, companies declare bankruptcy so that they can renegotiate loans and obligations with creditors.
If the market is slow and your home is still on the market after the loan term expires, you will have to renegotiate the terms of the bridge loan.
Wait a few months, then renegotiate with other credit cards to lower interest rates on other cards as you're still paying them off.
Even if a borrower has only one loan, they can renegotiate the interest rate on that loan and find some debt relief.