Avoid Foreclosure! There are alternatives!
1. Loan modification. Be aware many companies have sprung up which claim to do loan modifications for a fee. Some are legitimate; many are not. Banks are very reluctant to do a loan modification due to an almost 40% subsequent default by the borrower.
2. Short sale is the preferred choice by most banks. They do not want to own any more foreclosures! Call or email for details. 352-547-1086 or Bassobb@kw.com or BobtheRealtor.net
3. Deed in lieu of. Banks are reluctant because they do not want to own more real estate. In many cases, they will come after the borrower for the deficiency.
4. Foreclosure. Last resort in most cases.
5. Bankruptcy. Last resort for severe financial difficulties.
Note a short sale damages your credit but not nearly as bad as a deed in lieu, foreclosure, or bankruptcy. Also, after a short sale, you may qualify to purchase another home in as little as 2 years. Whereas, the last three alternatives can prevent a purchase for 3-7 years.