Talk your lender determine what assistance they can provide. Many lenders are aware of current situation DON'T want a short sale or foreclosure trying work out direct with property owner.

National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
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Lynn911

Prior to thinking about shortsales, have you spoken to your mortgage company to see if they are participating in the obama plan for stugling homeowners. Who is your mortgage company?

Hi Kay,

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.

Kelli Cassidy
k.cassidy@comcast.net
978-979-2823

SO many homewoners today are in this similar situation. Every situation differs slightly from one person to another so you should get some advice from a lawyer, Realtor etc. to understand the different options available to you. You should check out the site below to get your started.

Kay,
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.