If you want to keep the house, pay the past-due payments and try to get it current if possible...even if it's by paying a payment now and another one in 2 weeks, etc. Don't lose your house when it's so close to being paid. BUT, if you want to sell and get out from under it and you don't mind a credit score hit for 3 years, you can do a short sale by listing with a good REALTOR who knows how to market and work a short sale. The debt can be recorded as "settled" rather than a FORECLOSURE and you will be free of the debt.
I am certified foreclosure and short sale resource and affordable housing specialist and I can help you with this short sale. If you are interested, please contact me at firstname.lastname@example.org or 214-918-1686 and I will be happy to go over the details with you.
Coldwell Banker APEX
There are new short sell rules that would be helpful to you-- you may reach me at email@example.com and I will be glad to explain all of this to youl]
Where's the house and why are you in default?
To do a loan mod you need to be in it.
Not sure what you are trying to "save" if you don't live in it and you don't have equity and you're not making payments.
You may be able to work out a short sale with the bank but I'd need more information and also the reason why your in default and the reason the bank gave for not " working with you".
Rebekah Owen, MBA
Skype Me at:Rebekah_o
The only reason the bank would want to foreclose on you is if you have quit making payments. You say it was rented. Were you not using the rent to pay the mortgage? Who valued the house at $48k? There appears to be more to this situation than we are privy to in your comments. Wish you would come out to trulia.com again and give a little more information, or call my office at 972-816-4369 and let's discuss confidentially. There are many people in the exact same boat, and depending on how far into the process you are, there may still be options open to you.
Have a blessed day!
Ronda Allen, Realtor and C.P.M.
CEO of comingsoonhomes.com
RE/MAX Dallas Suburbs
So ... http://www.tdhca.state.tx.us/homeownership/foreclosure/ is great place to look for assistance. This is the Texas Department of Housing and Community Affairs. Their phone number is 1-888-995-HOPE (4673). They are a great resource for you.
Best of luck and feel free to call if I can be of any further assistance. You are NOT the only one in this sitation right now and there ARE RESOURCES for you. You just have to know where to look.
One place to start with your research would be http://www.makinghomeaffordable.com.
Becasue of your possible equity please watch out for scams. You are a perfect target for the unethical investors who will have a great solution for you.
If I can be of assistance please do not hesitate to call me.
Thanks, Janet, Realtor 469-964-0371