You might want to look at the website referenced below for some answers.

Worried,

I'm so sorry to hear that you are in that predicament. There are many others like you in the same boat. The important part is not to panic and to get advice and help as soon as possible. Being up front with ALL parties early on will help you avoid so much more heartache as the ones that are still trying to save their pride.

You've taken the first step. My advice is to get with a very seasoned Realtor whom is VERY experienced in short sales (make them prove to you experience, get addresses and outcomes). One thing that I offer to my clients is that on the short sales, we can usually provide an offer within the 1st week and we put the buyer in charge of doing all of the negotiations and such w/ the banks. One thing you will want to be getting ready for is to write out a very detailed letter describing why this situation you are in is not temporary and that you are really in dire straits. That will get the ball rolling at the same time you can start looking for other places you may want to live. We're currently helping a family find some owner-financed property to lease with a purchase option that is much more affordable. Basically, there is still plenty of options for you out there, just will take some work.

God Bless,
Josh

Good Morning,

As you have probably heard before, each situation is different. Some factors that apply are if you have any equity in the home, who owns the loan, what your competition is. Unfortunately most of what we as Real Estate Professionals are going to tell you is not what you want to hear, but what you need to hear.
If you are not able to catch up on your payments or modify the loan then the most important thing right now is for you to put your house on the market and show the lender you are trying to sell. Many times not until that happens will they start to cooperate.
If I can be of any further assistance let me know.

if after trying loan mods to no avail. it would probably behoove you to try a short sale. Being two months behind will make the process run a little smoother because in my experience they eont accpet a ss til you are already behind. however you should act fast. i can meet you later this afternoon to get the process started.

thanks
RJ
2146820598

Unfortunately you are not the only ones in this situation due to a number of reasons right now. I think the best option for you would be a short sale. This will not hurt your credit as bad as walking away and having a foreclosure would. We do a lot of short sales, and we can get this done for you. During the process, you can start looking for a property to lease.

The short sale process can take up to six months, depending on your mortgage holder.

If you want more information on this, please give me a call at 972.468.5136. I would be happy to discuss it further with you.