There is a lot of misinformation or information out there that doesn’t always feel like they have your best interest in mind.
Here are a few resources I think are valuable to help you understand your options. I’ve also included a few articles that myself and some people I respect have contributed that describe different options as well.
This is a great resource from Fannie Mae that does a great job of explaining all of the possible options for struggling home owners.
This State of California program has a wide range of assistance and resources to help struggling home owners.
If it is inevitable that you will lose your home to foreclosure, I highly recommend you consider short sale as a foreclosure alternative. Not only do some lenders allow you to buy again sooner after a short sale or deed in lieu of foreclosure, this is the only option available that gives you some control over the process.
I cannot overstate the importance of having a good Realtor on your side that understands the short sale process and can help you through.
You do not pay a Realtor to help you with the short sale, your lender will pay them. They have both the incentive and experience to get you through the process with as little headache as possible.
I personally know many great agents that I am comfortable recommending. If you would like a recommendation, fill out this simple form below and let me do some research and see if we can get you some names and numbers of someone you can talk to.