There are many options available to avoid foreclosure these days, so you should review them all to make an educated decision. I will post this question on a site I have access to via my Certification by the National Association of Realtor's as a Short Sale and Foreclosure Resource. I am very pleased that in my 19 years as a Realtor, I have only had 3 clients that I personally sold homes to lose them in Foreclosure or Short Sale (to my knowledge). I do everything I can to keep that from happening to my clients!
Another consideration is if you did lose your home, what would a similar home cost to rent per month and can you get a rental with your credit being shot if you have your home foreclosed?
If possible, try to find another alternative including possibly getting a roommate to cover some of the expenses till you get back on your feet.
Best of luck!
Have you looked at all your options versus accepting a foreclosure which will impact your credit for many years. A great website that has detailed information regarding your options was designed and maintained by Fannie Mae. Some verbiage from the site is "Quote":
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Avoid foreclosure. Get the help you need.
If you are struggling with your mortgage payments or facing foreclosure, you may feel overwhelmed and frustrated. Many homeowners simply donâ€™t know what to do or where to go for assistance, and they feel too helpless to take action.
We understand. Fannie Mae has created KnowYourOptions.comâ„¢ to help homeowners just like you. Weâ€™ve made it easy to find the information you need, so you can get help before itâ€™s too late.
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I encourage you to take the time and study this site before you throw in the towel.
Best of Luck! I hope you find this information of value.
George Martin, Jr.
Associate Broker, GRI
Windermere Real Estate, Sun Valley - Hailey, Idaho