7 Ways To Resolve

Step One: Check your Refinance Options.

If you have equity in your home you may be able to get a loan with more affordable payments.
Contact your trusted Mortgage Professional to determine if a new loan is feasible.
A true mortgage professional can determine this by evaluating your complete situation.

Remember, you need to be working with a trusted mortgage professional, not just anyone.
You do not have the luxury to shop for rates and fees. Work only with a Mortgage Professional who has your best interests at heart!

While the recent Sub Prime collapse may have closed many of the doors used to "bail out" homeowners in the past, there are still many options available from Alt-A paper loans to Hard Money. Too many times I have seen homeowners determine on their own that they cannot qualify for a refinance. The truth is, only your Mortgage Professional can help you decide. Get professional advice now.

Step Two: Get Help

Contact a legitimate credit counseling service. They can help you better evaluate your position and determine a course of action.
HUD has a toll free number to help you find an agency (800) 569-4287
The VA has one as well (800) 827-1000

Step Three: Be honest with yourself

For some people, at some times in their life, owning a home just isn't the best thing.
If you are one of those people start to look for ways out ASAP.

Your choices are simple (they make up the remaining 4 ways to resolve):

4. List the house with a Licensed Agent
5. Offer a Deed in Lieu of Foreclosure
6. Negotiate a Short Sale
7. Allow the Foreclosure to proceed

Obviously, if getting out is your choice, selling at current market value makes the most sense. The issue is going to be the time it takes to get a market valued offer. Time is not on your side. The Deed in Lieu, and the Short Sale are only a possibility if your lender chooses to accept it.

Negotiating with a Lender is complicated and often times frustrating. We also operate a Short Sale Negotiation Company, Suburban Renewal. We might be able to help you.

Once again, it is highly recommended that you work with a Licensed Real Estate Agent who is familiar with foreclosure law.

"Pick the right Realtor, Mortgage Professional, and CPA. If you thought dealing with a professional was expensive, wait until you find out how much dealing with an amateur costs!" - Brian Brady