We are getting a pretty consistent flow of people who are in what I can the "standard" position. This is someone who has lost their job and/or have lower income and their home has lost a LOT of value and the mortgage payment has gone up. I meet with clients all the time and try to find the best solution for them. Often, they want to try to get a mortgage modification in order to continue paying lower payments and stay in their home. I totally agree with this as a first tactic to use. BUT, the end result is usually too little a decrease in payments and they end up right where they started. I have several people that can help with a modification if you'd like help.
If this does not work out, usually the best solution is the short sale. We can sell the home, get the home owner into a better situation with a rental or other living arraignment, and usually dismiss the deficiency amount and income tax liability! This is a fresh start! Much better than a bankruptcy or foreclosure! We work with several attorneys that can help advise you along the way. Please ask questions here or contact me via email or phone. We also have an online form to fill out if you want us to look over your property and situation: http://www.americanproperties1.com/stop_foreclosure.htm