If you are in a situation where you are unable to make your mortgage payments, you do have options.

1. If your payments are too high and you still have income as a primary residence it is fairly easy to get the lender to lower your payments with the new federal loan programs.

2. If you have an extreme hardship you may be able to do a short sale. This is where you sell the property for less than is owed. There may be credit advantages to the owner, but this type of sale may have future monetary and tax consequences.

3. If you want to stay in the property for an extended period of time you can fight a foreclosure. For every move the bank attorneys make to foreclosures there would be a counter move. There are attorneys who specialize in this type of law. Fees vary dramatically from one attorney to another so make sure you shop around.

4. Deed in lieu of foreclosure is another option where you voluntarily surrender the home to the bank.

Currently it is generally taking lenders 1-2 years to foreclose on a property where the owner is not making payments. If you fight the foreclosure it can add from 3 months to over a year to the process.

Keep in mind, if you are not making your payments the bank can and will foreclose eventually so make sure you seek the guidance of a professional to obtain the best information available.

Bobby Mahan is an expert on foreclosures and short sales. Training agents across the State of Florida, Bobby provides agents with information on how to help their clients with these difficult situations. Go to bobbymahanseminars.com for more information.

Call 239-822-6000 for more information or fill in the form below and Bobby will guide you in the best direction for your specific situation. Don't lose another day! Call now before it's too late. This initial consultation is FREE.