Sorry to hear. If you dont pay then HOA will send it to collection and you will get harrassing calls from them and then they put a lien also. The lender will not modify your loan unless you can prove you are employed and have income to pay your payment. Either try to find a job sooner if you haven't missed any payment but if you are late 2 or more months then try to do a short sale to avoid foreclosure. You have to contact a local short sale experienced agent to sell your house. Consult tax attorney or cpa for any tax implications. You need to take action fast before its too late...good luck!
Case Schiller: It's a good time to buy a house if you have good credit and have down payment. Let me know if you like any help. I'm in Union City area, close to Palo Alto.
Certified Short Sale Specialist