NEVER GIVE UP!!
If you have been the unfortunate victim of a job / business loss, because of which you expect to fall behind or have already missed a mortgage payment - DO your best to stay calm and devise a plan of action to avert loosing your home...
Do not wait until you receive the lis pendens or any other notice of default, to start working on an exit plan! You got to prepare in as advance as possible.
Today's economic conditions have led banks and the federal agencies to devise many creative ways of allowing people in need to keep their primary residence for as long as possible.
Read up. Get yourself educated. Sit down with a professional to go through all the alternatives , and explore them one by one. Some available options include
1 - Loan Modification
2 - Refinancing (at today's lower rates)
3 - Getting your home on the market with a realtor for a "possible short-sale". Call me for more details on how this could be possible.
4 - Consult attorney to consider other options like declaring bankruptcy.
Short sales take time, so it becomes more important for you to identify potential financial problems well ahead, and get your home on the market in time for the short sale to be processed.
Call me for any references for people who can assist you with the above.
Just remember, as a realtor, my intention is not to get your home sold if you can avoid it in these tough times. I'd rather you appreciate the honest assistance I provide you in possibly keeping your home, so that I could gain referrals and recommendations for other clients from you. So, do not hesitate in making that call!