You bought a house and now you can’t afford it. The only thing you want to do is get away from this house because it is causing you more stress than you care to handle. There are several options available to you.
The first is contacting your mortgage company regarding a possible loan modification. If your circumstances fall into their guidelines, given some paperwork and time, they may be willing to modify your loan so that the payment is reduced. Loan modifications take time, so don’t wait until you receive a foreclosure notice before taking this step. If you can’t make the payment, don’t avoid them, be honest and tell them. They may be willing to assist you by restructuring your loan which may allow you to stay in the home.
If a modification does not reduce your payment to a manageable level, the next step is to sell your house as a short sale. A short sale means that the mortgage company will take less than what you owe from a buyer. This gets you out of the house and avoids having a foreclosure on your credit report. Short sales also take two to four months to complete, so again, don’t wait until a week before the mortgage company evicts you. If you wait too long, there will be no way for you to avoid the foreclosure process.
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