You will need to make some critical decisions within a short period of time. With the right amount of information you may be able to resolve the entire foreclosure process without having to spend extra time and money trying to figure who is telling you the truth about your situation. If after answering the following questions you still are uncomfortable with your goals and a course of action and you have $5 - $10,000 available you should consider hiring a real estate attorney. Please though, I encourage you to follow-through and develop a workable plan for either choice.

1. What is your goal?

When you started thinking about buying your home not long ago you had a dream or a goal of what you wanted to accomplish. Did you purchase your home to increase your wealth or was it to provide a safe, comfortable abode for you and your family to live in; someplace close to a good school for your children, close to work and in a safe/clean neighborhood?

Is this still your goal? If it was for either of these two reasons then the value in keeping the title to your home in your name, within your control and maintain its condition is extremely important.

If your goal was to increase the net worth of your investment, then you need to pursue a reasonable method to pay off the deficiency as quickly as possible and regain your confidence with your lender. In other words cut your costs and improve the equity in your property while keeping your lender satisfied that you are making an earnest effort to clear up the deficiency.

If your goal was to provide a safe, comfortable home for you and your family to live in then the quality of this home must be preserved at all costs. This quality includes an affordable payment plan, ample room for your family to grow into; number of bedrooms and bathrooms etc.

2. Are you the only mortgagee or signer on the mortgage note or does someone else in your household share in this responsibility? Does he or she share this same goal? If so, you will need his or her authorization to make a decision together regarding any possible solution.

3. If things go poorly do you and your family have a place to move into temporarily until you find a permanent home? If the foreclosure process is completed through the courts you may have a tough time renting because of your ruined credit.