All the answers below are available and may even help, but it will take time. The quickest option would be to rent out the home , most likely you will be able to cover the payment. If the rent doesn't cover it at least your portion might be more afordable. This will buy you more time while you research the other options.

Good Luck

Apologies for your divorce.However, there are actually companies that will work with you for free to buy your
mortgage away from your mortgage company and avoid your foreclosure. I would advise looking into this first.
Try http://www.speedyrealestate.info. Good luck!

Pamela, have you considered a rate modificatin so that you can keep your home?

Pamela, the previous answer is excellent--talk to an attorney. But remember, a short sale will ruin your credit, too, since in order to qualify for a short sale you must be at least two months behind in your payments. If you are two months behind on a mortgage, your credit is already damaged.

Hi Pam,

This is the time you need the advice of several professionals. First would be your attorney. Find a good one and listen to all their suggestions. The second one is your current mortgage holder. They have a number of programs that are available to modify your current mortgage. Don't be afraid to contact them as soon as possible. They may have a few things you can do to push back the possible foreclosure and give you some breathing room. The third would be to contact a local real estate professional. They will be able to assist you in working out the details if it is necessary to sell. At this point I do not know your particular situation and weather or not a 'short sale' is appropriate. It depends on the balance of your mortgage and the price your home is expected to sell for. It may simply be the situation where you can work out the mortgage with your bank to give you some extra time and to properly market your home for sale.

The bottom line is this. Your best option is to sell your home normally. Second best is arranging a short sale where your credit will probably take a hit for some late payments. You ultimately want to avoid forecolosure.

I hope this helps a bit. Be sure to work through your other options with the bank and attorney.

Good Luck!

Ken Mundorf, Realtor
321-626-5933

No! Foreclosure is not your only option. You still may be able to complete a short-sale or offer the lender the Deed In Lieu of Foreclosure- another option would be loan modification. I'm sure the other professionals here can offer more options, I'll stay tuned in to hear what they say.

Hi Pamela..... sorry to hear about your dilemma. Here are a few suggestions for you: (1) talk to your lender to see if your mortgage payments can be lowered to something you will be able to handle. Florida has been a very hard hit market for foreclosures. You may be pleasantly surprised to find that your lender is willing to work with you to save your home from foreclosure. (2) If you are unable to get your lender to reduce your mortgage payments, talk to a realtor about selling the house before the lender will be able to foreclose on it. In this way you will be able to save your credit.

Good Luck,

Yvonne Baker, Real Estate Consultant http://www.YvonneBaker.com
ycbaker@kw.com