Avoiding a foreclosure should be the number one concern on people's mind if they are behind on their mortgage. The main way to avoid losing your home is to consider a short sale. In case you have not heard of a short sale, in it's simplest terms it's when a lender will accept, from a buyer, less money than what is owed on that property.
Unfortunately short sales take up to 6 months to close. There are lots of reasons for this, just accept the fact that it does. Why is avoiding foreclosure the best option? One big answer "credit rating". If you ever want experience home ownership again you need to, if possible, avoid foreclosure.
If you decide to opt for a short sale then you need to list your home with a knowledgeable real estate agent or broker. Interview that person to see how experienced they are with negotiating short sales with lenders and banks. You need to know that negotiating with a bank takes plenty of patience. They are understaffed and most of the people that work for them are new to the business and have no authority.
The best alternative would be probably find and investment group who is offering all cash for your home. There should be no contingencies and they should be ready to close as soon as the lender gives the green light. Again you need to find an experienced investor who knows and has become an expert at negotiating with the banks.
The bottom line is to avoid foreclosure and save as much of your credit rating as possible.
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