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Placentia Homes
There are 5 things you can do when you realize you can no longer make your mortgage payments:
Nothing Deed in Lieu (Hand the Title, and keys, back to bank) Short Sale Bankruptcy Loan Modification All of these options will adversely affect your credit.  However, some options ARE better than others.
For example, the on the severity scale of how bad your credit will take a hit, on a scale of 1 to 10, an outright foreclosure or bankruptcy is like an 11.  The Deed in Lieu is probably the dumbest thing to do because the bank will let you stay in the home rent free for a while anyhow while you work this all out.
A Loan Modification is the best route to take, but you have to know what you're doing.  There are only a handful of legitimate Loan Modification companies out there that know how to handle this for you (for a fee) but are well worth the money.  Making your monthly payment smaller could allow you to keep your home and sometimes the bank will reduce the AMOUNT owed (principal balance). 
A short sale is the best route to take, usually, if you...A) Can't get a loan ... more

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