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I am sorry to hear about this situation. The following are the basic options available to you:Foreclosure
A foreclosure may mean that they can go after you for deficiency, which is the difference between what you owed and what the lender received at auction. This is always a risk.Short Sale
The debtor sells the property with the lender's permission to a third party for below cost, but remains liable for any amount outstanding. Typically less damaging to one's credit than foreclosure.Deed in Lieu of Foreclosure
Essentially an uncontested foreclosure, but the lender agrees to not pursue the debtor for the deficiency.Negotiation
Of course, negotiation to keep the home.Bankruptcy
Originally seen as the last resort option, this is becoming increasingly a choice for many Americans. Filing a Chapter 7 petition will only delay the foreclosure and will not allow the you to reinstate the mortgage. However, in a Chapter 7 proceeding, the debtor will discharge any deficiency, and the proceeding can delay the time by which the debtor will be required to move out of the home by several months. A Chapter 13 proceeding will allows you to force a reinstatement of the mortgage by catching up on delinquent payments over time.Website
See this website:www.makinghomeaffordable.gov
...and click under Apply Today
to see what kind of relief you can possibly qualify for. This aggregates all different types of possible programs you can utilize. This may be useful.If you need information on any more of these options, REPLY and let me know
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