In such an unavoidable situation the banks do not take the responsibility, rather you should be the first person to inform them about your inability to pay further installments.
You should make sure that you take up the matter to the correct department like the loss mitigation section where they deal with the short sale as well as foreclosures.
In case you do not get to speak with the right person, it may not help you completely as they would temporary relief, which will reoccur after a definite span of time.
In such conditions, the lender comes to an agreement with the borrower where the later enters into a process known as short sales with the money lender.
Here the lender would accept a depreciated amount than what was actually owed to them to settle the term permanently without keeping any dues.
The lender would allow you as a borrower to sell your properties to meet the outstanding dues against your name.
They will cooperate with you to find suitable buyers who would be interested to buy the property and even negotiate on your behalf to claim as much value as possible.
In case of a foreclosures and short sale the borrower collects the money from the sale of the assets owned and returns it to the lender to settle the credit and repair the credit report under the name of the borrower.
Entering into the process of short sale is not as so easy.
You have to prove it to the lender that you are bankrupted and you do not have the potential to pay back the outstanding amount on the loan.
After the successful enquiry initiated by the lender completes, you would be permitted to enter the short sale, which in turn benefits numerous property buyers who gets the assets in a cheaper value and may be even in a posh location.
This is a great way to get rid of the loans that are outstanding and you are not able to pay off the installments.
The foreclosures even improve the credit scores and do not affect the report.
People who are burdened under the loans as well the potential property seekers, both benefit equally from this process and these days it is quite in demand in the market.
So, to ease the situation it will be better to contact with a realtor who is much knowledgeable.
He will be the right person to find the right buyer for the property and also negotiate considerably with the purchaser.
After the settlement of the property, the realtor also comes to an impartial solution for all the parties involved in this process.