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Current economic conditions leave many homeowners facing financial hardship. The housing boom that started in the 1990's was in its last days in 2005. Prices began declining in 2006 and were in free-fall by 2007. Before the asset collapse, a family facing economic hardship could have remedied their situation by putting their home up for sale with the confidence that they would receive not only what they paid for the home, but even more with rapidly appreciating home values. Today many families find themselves in homes that are worth less than they currently owe. If they are having a financial hardship, they may be forced to make the unattractive choice between putting food on the table and paying the mortgage. When children are involved, the correct choice is clear, but no less difficult. Eventually, homeowners in this situation will be faced with the possiblity of foreclosure.
However, distressed homeowners can get help. There are several options available to people in this situation. If you are in this situation, you may be able to refinance or work out an agreement with your lender to make payments affordable. The government has a number of programs available to help you (see links below). You can also hire an experienced real estate agent to perform a short sale. Foreclosure should be a last resort.