It really depends upon what kind of help you are looking for. In all cases, I would suggest you contact an attorney to discuss you circumstances and see what options you may have. For most people a short-sale is going to be the most likely outcome in a situation such as this.
Regrettably, you should NOT call your mortgage company and ask it for assistance. Your mortgage company is not your friend. However, since you have not included any information at all about your situation or your objectives, it is impossible to say more about possible directions or strategies. What sort of help did you have in mind ? Do you have sufficient income to make up the shortfall by making monthly payments over a period of time ? If so, Chapter 13 might be the solution. Is your home under water ? How did you get behind and is the situation that cause that problem still going on or was it temporary ?
There are numerous potential solutions and strategies to deal with mortgage issues, however there are no cookie cutter solutions - what makes sense depends on all the individual details.
Please note that the above is not intended as legal advice, it is for educational purposes only. No attorney-client relationship is created or is intended to be created hereby. You should contact a local attorney to discuss and to obtain legal advice.
The first and most obvious resolution would be to get caught up on your mortgage. Your second option would be to try to work out a deal with the mortgage company for a reduced payment plan. The third option would be to arrange a "short sale" with someone else buying the property from the lender. Definitely consult and attorney.
The responses given by the other attorneys are good ones. A borrower in default has several options depending on the borrower's objectives, whether or not the property is a primary residence or investment property and the borrower's current financial position. An experienced real estate attorney can assess your current situtation and provide a strategy for you to achieve your objective, whatever that may be.
This information is being provided for informational purposes only and is not to be taken as legal advice or to establish an attorney-client relationship. For more information on the experience of our attorneys and the services of our Firm, please visit our website at www.foreclosurelawyersarasotafl.com.
You may also want to have a fraud analysis done on your mortgage and the closing docs from when you bought the home. There are potential circumstances where you might have counterclaims against your lender or others involved in the process. Good luck!