When the realization comes that you can no longer afford to make your mortgage payments, it is a terrifying moment. You may not want to face it, but taking action to stop foreclosures with short sales is in your best interest. It may not be what you want, but it is much better to arrange a short sale than to let the lender foreclose. You may feel that holding on for as long as possible is the way to go, but when you do that, you are only hurting yourself in the long run. You must take a long hard look at your situation and if you cannot realistically catch up on your payments and continue to make them, a short sale may be your best option.
The first thing you should do when you see you are falling behind is to communicate with your lender and discuss your options. Once you get to the point where you have limited options and are in fact facing foreclosure, discuss a short sale with your lender. In a short sale situation, the lender agrees to allow you to sell the house for less than what is owed on the property, they agree to accept this amount and forgive the rest. This way after the sale, you walk away owing nothing more.
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