[Kjesse]

This is very good advice from Travis and if you are facing foreclosure, discussing your options with a realtor should be considered essential. I would say its the second most important thing to do.

The most important thing to do is to keep talking with your lender. Keep them apprised of your situation and what you are trying to do so solve the problem, whether it be, looking for work, liquidating assets to pay the mortgage, or selling the property. Your banker will want to give you more time if you are cooperative and communicative.

If you are "upside down" with your mortgage (the mortgage is greater than the value of the home), that creates problems selling, but still, talk to your lender and talk to a realtor. Lenders will often cut a deal and aren't out there seeking to flip you into a foreclosure process, their mandate is simply to get paid.

When homes are foreclosed upon, the court looks at "forced sale" values, which are always less than market value in a non-forced situation. Getting ahead of the problem by hiring a realtor will almost always get you a better price than going through the foreclosure process.