Sounds promising, but being already behind you must start talking quickly.
Also consider calling - 1-888-995-HOPE A HUD-approved counselor affiliated with the non-profit Homeownership Preservation Foundation is available 24/7 to help you examine options. These counselors will help you understand opportunities that might be available to you to help save your home; and theyâ€™ll even talk to the bank on your behalf. NeighborWorks http://www.nw.org
A short sale may be another option, but consider it carefully.
1. Go to you local, community bank or credit union and ask about HUD loans.
2. Get a copy of your credit reports immediately. (See our "Web References" below to start.)
It depends on a few things....
Do you know what your current FICO (credit) scores are? What is the current mortgage balance on the home? How much is the property worth in today's market? Was the cause of the late payments due to an Adjustable rate mortgage adjusting? Send me an email at Tino.Muratore@gmail.com and I will see if there is anything that we can do.