Maggie forgot to mention that after a "Lis Pendens" has been filed with courts and the owner / resident has received notification, you can still sell the property via a process called Short-sale. That way you save your credit from being damaged for many years with a "foreclosure" on your credit report and can have some peace of mind by knowing where you are on the process (not being anxious everyday that they may come and evict you with little notice). With new changes in the law that just happened in 8/2013 you may actually be able to purchase a new home after just 1 year of completing a Short-sale. Not only that, there is one lender that has a 1 day after program.
My company also has a program to help homeowners that if you sell or purchase a home with us we pay to have your credit repair by a renowned national corporation. Oh, I forgot to tell you, that doing the short-sale cost you nothing...unlike other real estate brokerages, we do not charge you a penny to handle and complete your short-sale. So if you are interested, want more info, of simply have a few questions you want answered, just e-mail me at AVegaPacheco@aol.com with your number and a good time to contact you. Was this answer helpful? If so please click on "best answer" or on the "green thumbs up".
Several testimonials of satisfied sellers that went thru this same situation can be find by clicking on my photo and reading my profile - testimonials.