If your house payment is more than you can pay and your mortgage balance is greater than the current market value of your home you may be losing sleep. You may think foreclosure is your only option, but I there are other options that will get you out of your situation quicker and with much less damage to your credit history.
The program I am suggesting is called a "short sale." A short sale simply means that you sell your property for less than the balance owed on your note, and you do so with the lender's blessing. This is a win-win for all parties. It is good for you as a seller because you list your house with me and I take care of everything. It is better for the mortgage company because they don't have to foreclose which in most cases nets them less money and takes a longer time to accomplish, not to mention; lenders don't want to be property owners.
It may sound too simple to be true but I, as your realtor, do all the work and you can stop worrying about making a payment. The negative on your credit history is far less degree than it would be with a foreclosure. A short sale will cause a reduction in your credit history with anywhere from a 50 to 80 point reduction. A foreclosure will cause a 250 to 300 point reduction in your credit score.
If you are losing sleep over your mortgage payment and are looking for a solution, call me.