It is not uncommon for a household to move from being in good standing to getting behind on payments.  If you are suffering financially from a job loss, illness or other changes in the amount you make from the current economy, then it is important to find different solutions for real estate.  Knowing that you can’t catch up with payments is one that will lead to foreclosure and other problems with your home.  However, there are other alternatives that you can use to begin recovering from your financial situation. 

Since the current economy is experiencing a downfall in finances, there are different alternatives that can be taken.  If you are behind on payments, then you will first want to look at ways to avoid foreclosure.  Keeping your home is still possible, even if you are struggling in finances.  To do this, you will need to contact your current mortgage lender to find the programs and assistance that are available.  Refinances, modifications and other lending options are all possibilities for those that are struggling with their current mortgage. 

If you don’t want to keep your home or if there aren’t possibilities and programs from your mortgage company, then you may want to consider moving.  Being behind on payments for over 90 days also means that you are in danger for foreclosure.  This means that you will have to go through court proceedings and will lose several points with your current credit.  Avoiding foreclosure; however, is possible, even when you are behind on payments.  Short sales and selling your home quickly are some of the top ways that many will look into when behind on payments. 

The advantages of short sales and selling quickly are that you will avoid the foreclosure process.  The court rulings and the documentation about your home will show as a sale while showing only slight changes because you were behind in your payments.  You will also save your credit rating, which will help you to move into a new home without other problems from lenders and mortgage companies.