Short Sales Resources: Other Options

A revised repayment plan: If you suffer a short-term financial setback ( loss of employment, medical emergency, divorce etc), your lender may provide some flexibility by agreeing to let you pay off your deficiency in several installments over the next several months.

Loan modification: Many mortgage servicers can adjust the terms of your loan -- most often by lengthening out the amortization schedule of your loan, lowering the interest rate or rolling the deficiency into your loan and reamortizing the new balance, all in an effort to bring your loan current. No lender wants a mortgage in default.

Short refinance: The lender may release you of your existing debt and refinance the outstanding balance into a new loan.

Refinance with a "private money mortgage" loan: You may not like the high rates and fees for this type of loan, one from a private lender, but it may allow you to buy time to sell your home in an orderly fashion and avoid default or foreclosure.

These are just some of the options. There are many Credit Counseling and Non Profit Organizations that you can speak with. Below are just a few in Florida.

CredAbility/The Consumer Credit Counseling Service of Palm Beach County.
1515 N. Federal Hwy., #200 Boca Raton, FL 33434.