Early options for mortgage struggle

[Nana1313]

What is the name of your state? Florida
My assessed value is 242,630.
My Mortgage payoff is 276,000.
Houses like mine are selling for 278,000, but I need to pay fees and the real state broker honoraries

It is costing me $3000 per month to pay for my house (mortgage, taxes, insurance and HOA fees) too much! We could rent the equivalent for $1500. Interest rate is 8.0%

We are both working and we are able to make the monthly payments, but it is an struggle, most months we need to tap into our already Shrinking savings. Often we pay late (less than 30 days) and have to incur into late fees.

I want to do something before we become delinquent and have zero savings and a heartt attack.

What are my options, how do I get off this mortgage or get into a better one?
Credit score is 650 for both of us.
Any asistance is appreciated

[seniorjudge]

Q: I want to do something before we become delinquent and have zero savings and a heartt attack. What are my options, how do I get off this mortgage or get into a better one?

A: Call the mediation department (those are magic words) of the lender ask for a modification (NOT a refinance) of your loan. If your payment record is good, they may be able to lower the interest rate and/or monthly payment.

[HUD-1]

You could also refi to a mortgage with an interest rate under 6%. This would save you a bundle. Try an FHA loan.