Additionally, FHA has two programs geared towards foreclosure bailout and upside-down home owners.
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888.605.9190 ext. 1
Have you been in touch with your mortgage company? Many companies have instituted programs to help home owners get back on track by taking the payments that are in arrears and tacking them to the back end of the mortgage and basically allowing you to start with a clean slate.
Your other option is to prepare to faciliate what's called a short sale. You will need to contact your mortgage holders and advise them of your circumstances. They will require hardship information and financials to facilitate the bank's acceptance of your claim that you can't pay the loan(s) and your desire to complete a short sale.
If you choose that route, be sure to work with a professional who has experience in that area. It's important to work with someone who knows how to deal with the mortgage company and can market and price your property properly to get the sale accomplished.
I specialize in the greater Daytona area and do have experience in this area. I'd be happy to help you through this process and/or answer any questions you have.
You can reach me at 386-871-3185 or via email at RealtorCaryn@aol.com or Caryn@CarynCares.com.
Best of luck and know you're not alone in your circumstances.