Many homeowners get help when they do a short sale which can avoid collection and foreclosure as well as adverse credit reporting.
Sometimes they receive a letter like this when they are behind in payments:
A short sale is a workout program that allows a borrower to sell the property, even if the proceeds are less than the loan payoff, due to low property value. If approved, a Short Sale option can help you avoid further collection activity or foreclosure action.
No matter where you live, we have a world-wide network that specializes in helping homeowners avoid foreclosures. Email me at firstname.lastname@example.org and we will help you get out. If you live in Virginia Beach, Chesapeake, Norfolk, or Portsmouth, we can help you directly.