BEST ANSWER
It all depends on what do you want to do with your propperty. I you wnt to keep it, you will probably try a "Loan Modification". In case you do not have interest in keeping it due to the high mortgages; you can try a "short Sale" process. In both cases you will be solving the problems with different results and consequences for you. I work jointly with a brilliant and honest attorney who is on my best confidence level, and I am working in real estate in Aventura. You can contact me at 305-457-7317 or email me at HenryPerez@keyes.com for more uncompromised information.
All the best,
Henry Perez
Thu Sep 17 2009, 09:26