Are there any legit payday loan companies out there?

Payday loans are the worst loans you can get. There is a reason why that type of lending is outlawed in 14 states (with others stepping up with new legislation). The people making those loans are banking on you falling behind. They need you to fall behind and then they can get you with tons of fees. The entire business model of payday loans depends on you falling on your face and spending way too much money to get out of the hole.

If you go for a payday loan, you will be shooting yourself financially. Don't think you have enough money today. Imagine what it will be like when these "lenders" are hounding you to pay hundreds in fees on top of what you borrowed. I have never heard a happy story that originated from payday loans.

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A payday loan is more than likely not going to let you keep your house. It may let you live in it a bit longer but you will end up in worse financial shape than if you had just let the foreclosure happen. If you get into a payday loan, then odds are you will not be able to make future house payments because of having to deal with a payday loan. You will probably also have other bills that will be harder to pay because of it. You may prolong the payday loan but that is what they want and you will be losing a ton of money to their fees. Soon the payday loan turns into a monster that you cannot handle and are in the same financial boat you are in now except with a large payday loan added to everything.

Here are some articles discussing why payday loans are bad.

http://www.bankrate.com/brm/news/loan/20040630a1can.asp

http://www.bankrate.com/brm/news/debt/20040521a1.asp

http://www.bankrate.com/brm/news/debt/20021122a.asp

http://www.bankrate.com/brm/news/chk/19981215.asp

You have said that a mortgage is what is killing you right now. You may need to reevaluate your finances and make sure that you can afford the house. Sit down and make a complete list of all of your expenses. Also make a list of all of the debt you owe and make a list of all of your income.

Ok, now your mortgage payment should be no more than 28% of your current monthly salary. This is the gross monthly salary, by the way. However, if you use the net pay it helps you make a better budget. In reality, that 28% is the maximum. It should be less than that to really allow you to have a decent budget.

Now your mortgage plus your other debts should be no more than 36% of your current monthly salary. That means maybe you can fall under the 28% above but student loans, credit cards, department store accounts, and car payments can lower how much you can afford.

After all of this, look at your other expenses. Sometimes, people have extra expenses that reduce how much they can pay for their house. Personally, I do not feel comfortable when the housing expense is more than 25% of the budget. Some people want to get too much house and they get more they can afford. Also, people can get into the wrong type of mortgage and can end up with too much house payment later on because of it. There is also when the financial situation changes on a person, maybe the loss of a job or an unexpected added expense. It does not matter what caused the problem to happen. Your finances are messed up. You need to get it straightened out. The most obvious solution is to sell the house. You may need to get the help from a financial advisor to figure out what to do. Check the phone book and see if there are any financial advisors who can help you. Don't forget to check with local organizations to see if you can get a financial analysis of your situation. Sometimes churches or charity groups offer these services to those who cannot afford it.