The other posters are correct. You can speak with your accountant and you can do a short sale. There are also other options.
1. If you want to keep your home, you may be able to get a loan modification, whereby the bank may reduce the interest rate to a point where you may be able to afford the mortgage.
2. If you want to do a short sale, you will need to document your reasons for no longer being able to pay for it. A short sale is where the bank will agree to accept less than you owe currently.
3. You can ask the bank if they are willing to accept the keys to the house in exchange for walking away from the property. Known as a Deed in Lieu of Foreclosure.
4. You can live in the property until the bank forecloses. You need to know that if you are living in the U. S. full time or even part time, it will become increasingly difficult to find another place to live because whatever credit you have will be increasingly tarnished.
5. Speak with an attorney. There are many good attorneys who will help you find a way out of this situation.
Everything takes time. How far behind are you in your payments, or are you using up your savings in an effort to support the house?
Please give me a call and I will be happy to help point you to an appropriate professional, so you can resolve some of your problems.
Regency Realty Services
If you want to discuss this further, give me a call or e-mail me.
Lars C. Kier, P.A.
Future Home Realty
You may be able to avoid foreclosure by selling your home short in a preforeclosure sale. If you have any questions about this process and how you can sell your home in a short sale contact me at 561-568-1006 or email me at firstname.lastname@example.org.
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