Let me know if I can help. Thanks and good luck,
First off...you're not alone in this situation. This is unfortunately very common these days. There are many options available for you but the right one depends on where you want to be in the future too!
Please either give me a call or drop me an email and we can set up a time to sit down and chat. I know it feels like your main concern is next month's mortgage payment or the grocery bill on Wednesday but it's important to get a look at the big picture before taking any advice or making any choices.
Have a great day and I hope to hear from you soon!
Amy Mullen, Realtor CPA MBA
National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
Follow me on Twitter: http://twitter.com/Lynn911
I have done several short sales on both ends, They are a good alternative to foreclosure if you no longer want to stay in the property, if you do try a loan modification. The difference between foreclosure and short sales are on my website on the home page click on "Read my latest Newsletter" it will give you the differences between the two in an easy to read chart on page 2. Not always do you have to pay back the difference to the bank, it depends on how the agreement is set up. Please give me a call if you would like to know how to proceed forward.
In no particular order, you can declare bankrupcy, stop paying your mortgage & allow property to go to forclosure, you can give the Lender a deed in lieu of forclosure, or do a short sale. Once you stop making mortgage payments you will get your Lender's attention. Then you might be able to work a mortage modification. You should be able to work a modification without starting down the road of default, but the said truth is many Lenders are swamped and until default starts they don't pay attention or are not receptivie to your requests for modification. You did not say, but I am assuming you wish to remain in the property, in which case a morftage modification is the best way to go. I hope this is some help to you.