If you are behind on your mortgage payments and the mortgage company is calling about a foreclosure then consider a short sale instead. This type of sale is when you sell the property for a lower price than what you owe. The mortgage company has to agree to this price before selling the property.
If you have no equity in your home, owe more than the house is worth and you are behind on your mortgage payments then you are able to request a short sale from your mortgage company.
The great part about this type of sale of house is that this leaves your credit rating intact. The house is sold at a discounted price for your home so it should sell fast. The process may sound like a lot of work but actually it isn't that difficult. You will make a few phone calls and gather some financial information and then you are ready to find a buyer.
When you contact the mortgage company you will need a hardship letter which will be proof of your economic situation.
Contact a real estate agent about finding a buyer, complete a sale package and hire an attorney.When the property goes through closing it has to be approved by the mortgage company. This should leave no money to be given to you, but you also will be able to sell your house and leave your credit rating in good shape for the future. There are many benefits for you as owner and the work of getting this done will be worth it in the end.
How to Stop Foreclosure Fast - Learn How to Short Sale Your Property