For anyone else reading this thread and needing the same advice, I would strongly advise any consumer going through this type of situation to sit down with a legal professional.
Many will give free consultations. The reason this is necessary is because every borrower's situation is different. The type of loan, and if there is a second trust deed involved can make a huge difference.
888.605.9190. ext. 1
Foreclosure or short sale ... either way, you walk out with nothing. Either way, your credit get's damaged but not beyond repair.
Stress will be your biggest payment in this. Try to control your situation the best you can by dealing with your injuries from the accident, loss of your job and home by keeping close to friends and family. I deal with this type of loss a lot in this business. Things do get better and I understand that the loss of a home for any reason is humbling.
Here in Michigan ( as elsewhere ), home foreclosures are becoming common place. I have been selling more bank owned homes than privately owned homes this past few years. For every person getting a great deal on a bank owned home, there is a story of someoneâ€™s serious loss. I feel deeply for your loss and injuries. I hope you get feeling better from your accident and find a way to get back to what you had been working so hard to achieve in life. Good luck with everything life places in your path.
Proper legal advice should be sought and, the information I provide should not be taken as such.