There are many people today facing financial hardship.  This hardship can often time lead to an inability to make your mortgage payment.  But don't give up hope & figure foreclosure if your only option.  In fact most lenders are getting much better at helping sellers with available alternatives.  

Short sales & loan modifications are chief among them.  I know that both have a bad reputation, I hear about it daily.  However I'm here to say that banks are improving tremendously on both fronts.  If you're having a hard time making the monthly payment or have fallen behind.  Contact your lender, there may be an option available to you that'll allow you to stay in your home and cut the mortgage payment down.  

If your situation is such that even with a modification your income has come down so far you can't afford the house anymore, don't fret.  You can sell the house in a short sale (selling for less than you owe) and in most cases avoid major damage to your credit and have the deficiency waived.  Banks have streamlined the short sale process some already & are continually improving.  

Don't just walk away, that's the worst thing you can do.  Over 50% of those foreclosed upon NEVER CALL their loan servicer.  There are options available, call your lender & ask about a modification.  If you're not able to afford the home then, call a quality real estate agent who can sell your home as a short sale.  

See more ideas & resources in this short video.