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Keep vs. selling your property

Keeping your property vs. selling it may be an option if you are facing foreclosure. If your monthly mortgage payment, including taxes and insurance, is less then 40% of your monthly gross income, it should be possible to keep your home and avoid foreclosure. If your payment is more then 40% of your gross monthly income then you should consider selling or transferring the property to avoid foreclosure and the negative impact on your credit.
Your objectives during the decision making process should be in the following priority:

• Keep your home if possible
• Liquidate and keep as much of the equity as you can in your pocket
• Reduce the credit damages as best you can