Dear Homeowner You Know When You're In Trouble With Your Mortgage sooner than anyone else. Contacting your lender before it gets out of hand can get you back on track in many cases, there are usually remedies for short term difficulty, they don't want your home back. On the other hand if you know that your circumstances have changed long term and that there is no short remedy that is going to allow you to make the payments then hanging on to the last minute and having the lender take action is not smart. Coming to grips with the situation you are in and making a decision to change your lifestyle to fit your present situation is pro-active.
You can make the decision can lift the burden off so you can regroup and move forward in peace. Make the decision swiftly, interview Realtors, pick the best one for your area and put your home on the market and get it sold! Making plans for your next move will be based on your bottom line, it may be that you will need to rent or maybe move in with a relative for awhile, whatever will work for you until your situation changes. Time changes everything and in time, with wise choices you can get back on track. Remember the decision you make to regroup instead of waiting for the ax to fall will make the difference as to how long it will take to get back on track, and possibly saving your credit. Taking the burden off will allow you to think more clearly and you will be able to take charge of your life and move forward unencumbered.
The hardest decision to make is the decision to make the change needed, once you have made up your mind to do what it takes, the rest will fall into place. There is no substitute for peace of mind and taking control of your destiny rather than letting destiny take control of you is priceless.
No one wants to have to go backward but sometimes backward is the only direction you can go in order to go forward. Remember this is not a forever situation it is a now situation and you can make the journey easier with the right frame of mind.